ETH Technical Reading: Whale Moves & Price Action

Looking at the latest on-chain metrics, here's what the whale activity tells us:

The big players have been taking profits—roughly $450M worth exited around the $3,300 level. Keep in mind, this came out of a much larger $1B in accumulated long positions, so we're only seeing a partial pullback from the whale side.

Price-wise, ETH is currently hovering above the upper band of whale VWAP, but there's a catch. The sideways movement lacks conviction from whale accumulation or distribution. When price sits at resistance without fresh whale buying momentum, it often signals consolidation before the next directional move.

The question now: Do whales reload on dips, or are they waiting for clearer conditions? The answer could shape the next leg of the move.