Ethereum (ETH) is experiencing a massive influx of whale activity, with large investors accumulating more than $1 billion worth of ETH in recent days, indicating strong confidence in a price rebound despite market downturns. Since mid-October, whales purchased 104,336 ETH valued at $417 million from Kraken and BitGo wallets, led by Bitmine, and from October 14 to 16, they added approximately 150,000 ETH worth $603 million, bringing the total to over $1 billion in acquisitions.
Technical analysis reveals a bullish setup, with Ethereum's daily chart showing a descending channel and price rebounding from the lower trendline near $3,676 to around $4,060. A sustained move above $4,269 could trigger a breakout toward $4,950, ending the multi-week correction. The Relative Strength Index (RSI) is displaying a bullish divergence—where price forms lower lows but RSI forms higher lows—suggesting diminishing selling pressure. This pattern previously occurred before an 84% rally in March-April 2025.
On-chain data further supports optimism, with Exchange Reserves dropping 4.26% to $62.44 billion, indicating more tokens are moving to cold storage and reducing sell pressure. Exchange net outflows surged 25% between October 10 and 15, the highest since late September 2025, reflecting increased buying interest. Social Dominance climbed to 7.11%, and Weighted Sentiment improved to -0.483 from deeper lows, showing a slow recovery in market confidence. Tom Lee's forecast that Ethereum could reach $10,000 by year-end adds to the positive momentum.
Key resistance levels are at $4,076, $4,222, and $4,557, while support lies at $3,952, $3,877, and $3,640. A break above resistance could confirm a sustained rally, but rejection may lead to a retest of lower levels. Overall, the combination of whale accumulation, declining reserves, and improving sentiment strengthens the bullish outlook for Ethereum.
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