Ethereum (ETH ($3,939.08)) is once again causing a change. Over the last month, the price of Ethereum has fallen by around 1.9%, but the last seven days show a slight rebound of 2.1%, as traders try to regain lost ground.
Still, the broader tone remains slightly negative. Previous bounces failed to extend into full rallies, repeatedly capped at key technical levels. Now, with on-chain data changing again, another bounce is forming, and this one looks more convincing.
Whales Add While Inactive Holders Rise
The Coin Spent Age Band, a metric that tracks how much ETH moves across wallets of all ages, fell from 346,000 ETH on October 22 to just 42,100 ETH on October 25, a decline in movement of 88%.
That means coins are sitting still rather than circulating, a strong sign that dormant holdings are rising and holders are showing renewed conviction. Both short-term and long-term investors appear to be waiting for higher prices before rotating their assets.
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The coins spent age band shows the total ETH moved between age bands. When it drops, fewer coins leave wallets, indicating greater inactivity, often a bullish sign.
At the same time, whale addresses holding more than 10,000 ETH have increased their combined holdings. In the last 24 hours, they have increased their reserve from 100.41 million to 100.56 million ETH. That’s a net gain of 150,000 ETH, worth around $588 million at current ETH prices.
Ethereum whales buy again: SantimentThis combination of increasing inactivity and accumulation of fresh whales creates a stronger foundation for Ethereum. Historically, when large holders buy as fewer coins move up the chain, the price tends to stabilize and prepare for the next big leg up.
Indicator Keeps Ethereum Reversal Theory Intact
The Relative Strength Index (RSI), an indicator that measures the balance between buying and selling pressure, continues to show signs that Ethereum’s bearish trend may be losing steam.
Between September 25 and October 22, the RSI made higher lows while the price made lower lows, forming a bullish divergence that often indicates a possible reversal. Similar divergences appeared on October 10 and 17, causing short-lived bounces.
Ethereum Reversal Theory Still Intact: TradingViewThis time, however, the on-chain supporting data appears stronger, suggesting that the setup could finally evolve into something bigger.
Fibonacci still defines Ethereum price reversal path
Despite improving technicals, Ethereum price remains stuck below critical resistance zones that have repeatedly capped each bounce. The 0.382 Fib level at $3,986 and the 0.618 level at $4,281 have rejected two recovery attempts in a row, including those on October 10 and 17.
To confirm real strength, ETH needs a daily close above $4,281, about 9% above current levels. That would mark the first clear change in market control, possibly setting the stage for targets of $4,491 and $4,954.
Ethereum Price Analysis: TradingViewIf the breakout fails and ETH falls below $3,804, a deeper pullback towards $3,509 could follow. For now, however, the situation seems cleaner than before: accumulation of whales, increasing lethargy and a well-defined technical ceiling.
Ethereum’s rebound is not guaranteed, but this time, the foundation behind it seems stronger than ever.
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