The Ethereum market is undergoing a notable shift in ownership dynamics. Joao Wedson, Founder and CEO of Alphractal, pointed out that the number of large whales is dropping, while mid-sized sharks, holders with between 10,000 and 100,000 ETH, are becoming more active.
These sharks are steadily increasing their market share and are now driving a significant portion of accumulation.
This change has direct consequences for the structure of Ethereum’s wealth distribution. The Gini coefficient, a measure of inequality, is beginning to rise again after months of decline.
That signals ETH ownership is consolidating among wealthier addresses, particularly these mid-sized entities such as funds and private investment firms.
Whales, often exchange large institutional funds, or former miners, are consistently offloading positions. The exit of these whales has opened the way for sharks to dominate accumulation.
Also Read: Ethereum Struggles Below $4,045 Support Zone as Bears Gain Control
Ethereum is trading close to $3,865 after dropping by 13% in the week after reaching recent highs above $4,400. Steep correction follows after ETH tested the top Bollinger Band near $5,200, marking overextension.
Despite this correction occurring, ETH remains substantially above all key exponential moving averages: the 20 EMA at $3,653, the 50 EMA at $3,162, the 100 EMA at $2,874, and the 200 EMA at $2,483. This crossover assures that Ethereum remains in a macro long-term trend.
The initial key support level is the Bollinger Band midpoint at $3,459, close to the 20 EMA. There are some signals that momentum indicators have cooled down.
The MACD histogram is positive but slowing down, the Chaikin Oscillator is going down at 57K, and the RSI is likely between 60–65, meaning that ETH has gone overbought.
All these signals suggest that a consolidation or corrective move is likely before heading to the next rise.
Near-term resistance for Ethereum continues to sit between $4,450 and $4,500, and support at $3,650 will play a large role in preserving short-term stability in price.
If the market holds this area and buying pressure re-establishes itself, ETH will test $4,500 and attempt one final push toward the $5,000–$5,200 zone.
On the downside, breaking below $3,162 will expose the price to additional declines toward $2,874 or possibly the $2,500 level.
Also Read: Ethereum vs Reality: Kang Challenges Tom Lee’s Bold ETH Claims
Also read: HYPE Price Slows Despite Expansion, AVAX Market Analysis Sees Rally While BlockDAG Dominates with Presale Nearing $410M
