Whale buys 450,000 ETH! Short-term selling pressure aims Ethereum price at $4,500.

On September 11, Ethereum (ETH) was reported at $4,387, with market focus on the aggressive buying from Whales and institutions. On-chain data shows that Large Investors holding between 10,000 and 100,000 ETH have net increased their holdings by over 450,000 ETH in the past week, while small-scale holders and short-term investors have dumped over 500,000 ETH. This divergence of "Large Investors accumulating and retail investors selling pressure" is driving ETH to challenge the key resistance level of $4,500 after breaking through the downward trend line.

ETH Whale Accumulation Momentum Strong

(Source: CryptoQuant)

On-chain monitoring shows that the group of whales holding between 10,000 to 100,000 ETH continues to accumulate, with a net increase of over 450,000 ETH in a single week, continuing the accumulation trend since May. Most of these funds flow into accumulation-type addresses and long-term holding wallets, indicating that large investors remain confident about the market outlook.

In addition, the asset management firm BitMine Immersion (BMNR) and SharpLink Gaming recently increased their holdings by approximately 202,500 and 39,500 ETH, respectively, further strengthening the medium- to long-term bullish foundation of the market.

Short-term holders' selling pressure limits upside potential

(Source: Santiment)

Despite active buying from whales and institutions, the distribution pressure from short-term holders is still digesting market momentum. In the past week, wallets holding between 100,000 to 10,000 ETH net reduced their holdings by over 500,000 ETH; at the same time, the selling activity of investors who bought ETH in the past 90 days has increased, leading to a decline in the average coin age metric, reflecting an accelerated flow of chips.

The number of active addresses and transactions on-chain has also decreased compared to the previous weeks, indicating a cooling of short-term trading enthusiasm.

Exchange reserves decline indicate long-term holding willingness

Since the beginning of September, the reserve of ETH on CEX exchanges has decreased by about 260,000 coins, indicating that more investors are transferring their assets to private wallets for long-term holding. This trend corresponds with the accumulation by Whales, forming a potential support for the price.

Technical Analysis: ETH Aims for $4,500 Resistance

(Source: Trading View)

Technical charts indicate that ETH has broken above the upper trendline of the descending triangle and has slightly retraced after testing the $4,500 mark on Wednesday. If it can maintain support at that trendline, the price is expected to challenge the $4,500 resistance level again.

However, if it falls below the 50-day simple moving average (SMA) and the 4,000–4,100 USD support zone, it may retrace to 3,500 USD.

In terms of technical indicators, the RSI is hovering around the midpoint, and although the Stochastic Oscillator is below the neutral zone, it shows an upward trend, indicating that short-term bearish pressure still exists, but bullish momentum is brewing.

Conclusion

The current Ethereum market presents a dual game pattern of "Whale Accumulation and short-term selling pressure." If the pace of accumulation by whales and institutions continues, and the $4,000 support is not breached, ETH is expected to challenge the $4,500 mark again in the coming days. Investors should closely monitor on-chain capital flows and key technical levels, as these signals will determine the next price trend of Ethereum. For more real-time market updates and in-depth analysis, please pay attention to the official Gate platform.