Ethereum ETF inflows show smart money buying despite short-term weakness.
Whales are reducing holdings while mid-sized sharks drive accumulation.
Heavy ETH liquidations are fueling bearish sentiment.
Ethereum (ETH) finds itself at a critical juncture as price tests support near $3,800 after a sharp pullback from recent highs.
Analysts are now weighing the technical damage against on-chain signals that point in different directions.
Ethereum price under bear pressure
Recently, the price of ETH slipped below $4,000 and is now trading around the mid-$3,800s.
The 24-hour range shows intraday swings between $3,833.75 and $4,051.26, while analysts single out the $3,800–$3,850 band as the immediate line of defence and $3,500–$3,400 as deeper liquidity zones if sellers push further.
Notably, the Ethereum price has fallen beneath the clustered 20, 50 and 100-EMAs, which currently sit roughly between $4,083 and $4,238 and now act as resistance.
Momentum indicators have also weakened, with the four‑hour RSI sitting near 29, indicating oversold conditions that often precede short relief rallies.
Whales offload as sharks accumulate
On-chain flow metrics show notable exchange inflows, with a recent spike of about $66.7 million moved onto spot venues.
That movement coincided with ETH dropping below $4,000, and it signals that some holders are routing coins to exchanges to sell.
Large wallets holding more than 100,000 ETH have trimmed positions sharply, a development many analysts interpret as increased selling by the largest holders.
At the same time, mid‑sized entities — addresses holding between 10,000 and 100,000 ETH — are accumulating and taking a more prominent role in on‑chain ownership dynamics as highlighted by Joao Wedson.
This transfer of supply from the very largest wallets toward a concentrated set of mid‑sized “sharks” has nudged the Gini coefficient higher after months of decline, underscoring renewed ownership concentration among wealthier addresses.
The number of Ethereum whales is dropping sharply – and the sharks are now in the game!
It’s the sharks (10k–100k ETH holders) who have been accumulating and taking a larger share of the market.
Meanwhile, the Gini coefficient has stopped falling and is starting to rise again,… pic.twitter.com/Lk2E6saulJ
— Joao Wedson (@joao_wedson) September 24, 2025
While these movements are seen as dynamic by some, it is also viewed as a double‑edged sword by others since it reduces one class of outsized selling but increase concentration risk.
Liquidations spoil the party as ETFs see hyped inflows
The Ethereum price correction has triggered heavy market liquidations, with roughly $409 million in Ethereum long positions liquidated.
Funding rates on ETH futures have also flashed negative recently, according to Coinglass data, adding to the momentum behind short‑term selling.
Institutional flows, especially on the Ethereum ETFs front, also paint a mixed picture, with some funds recording large inflows while others see significant outflows.
Notably, over the recent week, more than $560 million reportedly moved into ETH‑linked funds, with BlackRock‑led products among the largest recipients, even as REX‑Osprey launched the first US staking Ether ETF.
Ethereum price forecast
Views among market commentators diverge sharply, and long‑term bulls like Ted Pillows argue that ETH could ultimately trend well above $10,000 this cycle, though he anticipates a short‑term revisit to the $3,600–$3,800 area.
$ETH is going above $10,000 this cycle.
But before that, a correction will happen, and right now, it’s happening.
I think ETH could drop towards the $3,600-$3,800 level before a reversal and a new ATH. pic.twitter.com/Yy87rjHVAB
— Ted (@TedPillows) September 23, 2025
Most importantly, reclaiming the $4,083–$4,330 zone would ease bearish pressure and could open a path back to $5,000.
Conversely, a failure to hold critical supports would expose lower bands at $3,162 and $2,874, while the 200‑day EMA sits as a structural defence near $3,350.
