• Whale addresses holding Ethereum continue to decline, while mid-sized holders, known as Sharks, are driving accumulation.
• ETH faces rejection near $4,582 but remains firmly supported above all major moving averages.
• Long-term momentum stays bullish despite short-term pullback pressure.

Ethereum’s market structure is showing an unusual shift as large whale addresses continue to decline while mid-tier players step in with aggressive accumulation.

Joao Wedson, Founder and CEO of Alphractal, highlighted that the number of whale wallets has been falling steadily, both in amount and share of supply. Similar patterns have been seen in Bitcoin, where the biggest addresses often belong to exchanges or dormant wallets, some of which may no longer be accessible.

The real movers in the market, according to Wedson, are the so-called Shark addresses holding between 10,000 and 100,000 ETH. Since April, these addresses have collectively added 4.4 million ETH to their holdings.

This suggests that while the top wallets may appear to be decreasing, actual market activity is being fueled by these mid-sized investors who continue to shape the price trajectory.

Also Read: Ethereum Technical Outlook: Bulls Eye Explosive $4,500 Breakout

ETH Holds Strong Above Key EMAs Despite Weekly Decline

Currently, the price of Ethereum hovers around $4,288, marking a week-on-week fall of 4.19%. Recently, the price touched the higher Bollinger Band at $4,582 and could not breach past it, which indicates near-term resistance.

This rejection has not, however, changed the overall bullish setup of Ethereum, with the coin staying above all important exponential moving averages. The 20 EMA is at $3,183, the 50 EMA at $2,886, the 100 EMA at $2,712, and the 200 EMA at $2,384. All of these upward-aligned averages verify strength in the longer-term trend.

Momentum indicators add further context. The RSI currently stands at 68.22, just below the overbought level of 70. This reflects strong buying pressure but also raises the possibility of short-term cooling if traders lock in profits.

As the MACD is still holding in a bullish direction, the line is at 437.88 and the signal line at 231.93, but the angle of the histogram does suggest momentum could ease after recent rejections.

Ethereum Momentum Cools After Rejection, Eyes on $5,000

Ethereum’s nearest resistance is at $4,582, and a higher zone around $4,800 to $5,000, a region associated in the past with cycle tops and psychological levels.

To the downside, $4,000 to $4,100 is a near-term floor, and the $3,180 area of the EMA 20 is a safer safety net. Long-term base remains solid around $2,384, the 200-day EMA’s price.

If Ethereum can break past $4,582, the trend may continue towards $5,000 and possibly $5,400, revealing the possibility of a new all-time high. Alternatively, a breakdown below $4,000 may pull the price down towards the $3,200 area, although the longer-term trend remains strongly bullish.

Also Read: Ethereum Eyes New All-Time High After $1.62 Billion Institutional ETH Purchase