Ethereum has been moving in a very narrow range over the past week. Price stayed close to three thousand dollars without clear direction. Buyers and sellers are waiting. This kind of pause often shows a market preparing for a larger move.
During this period large holders became very active. Every small bounce in price met selling pressure. When ETH moved up a few percent some whales sold into that strength. This stopped any clean breakout. Retail buyers tried to push price higher but big wallets absorbed that demand and price slipped back.
One long term crypto whale also made a large move. This wallet holds very large long positions and has been active for years. Recently it moved more than one hundred twelve thousand ETH worth about three hundred thirty two million dollars to a major trading platform. A few days earlier the same wallet moved another large batch of ETH.
So far these funds have not been sold. Moving coins to a platform does not always mean selling right away. Often it is done to prepare liquidity or adjust risk. In this case the whale is sitting on a floating loss and may be protecting exposure rather than exiting fully. The ETH could stay idle for some time.
While whale selling slowed upside moves something else is happening under the surface. Ethereum supply available for quick selling is shrinking. Scarcity has increased again after weeks of softness.
The stock to flow level recently moved higher and reached its best level in two weeks. This means fewer coins are ready to be sold compared to the total supply. When this metric rises it often reflects accumulation. Coins move off platforms and into long term storage.
Another key signal supports this view. Spot netflow stayed negative for many days in a row. More ETH left trading platforms than entered. This shows buyers are taking coins away instead of preparing to sell. This behavior often appears before price strength not after.
So the picture is mixed but interesting. On one side whales are selling into short term rallies. On the other side overall supply is tightening. These forces cancel each other out for now which explains the flat price action.
If accumulation continues and selling pressure fades ETH could finally hold above three thousand dollars. If that level turns into support price could move toward the low three thousand three hundred range where earlier activity clustered.
If instead the large holders decide to sell aggressively the range could break lower. In that case price could slide toward the upper two thousand seven hundred area where buyers previously stepped in.
For now Ethereum is balanced between pressure and support. Big money is active but not decisive. Supply is getting tighter but demand must stay steady.
This type of market usually does not stay quiet for long. The longer price compresses the stronger the next move tends to be. Whether that move is up or down depends on which side gives way first.
