Ethereum Whales Accumulate as RSI Signals Bullish Divergence: Is a Breakout Coming?

Key Insights:

• During 2023–2025, Ethereum whales bought more, showing previous accumulation phases leading to large price movements.

• RSI divergence, which indicates that sale pressure is reducing, increases the possibility of an Ethereum price bounce.

• Ethereum's normal price cycles are sustained by the inclination of investors to sell higher and buy lower.

Market action on Ethereum has validated powerful accumulation trends and price action. Existing statistics show rising whale accumulation and technical indicators that can predict the coming trend reversals.

Ethereum Whale Accumulation Trends

Investors' Ethereum balances between 100–10,000 ETH grew significantly, cryptocurrency commentator Crypto Rover reported.

The data showed that there were two accumulation periods: one starting early in 2023 and completing around early 2017, and then continuing through early 2018.  Ethereum's price increased in the first accumulation period, registering new all-time highs before leveling off.

Source: Crypto Rover

Ethereum balances between 2018 and 2020 fluctuated with the change of investor groups adjusting their holdings.

Large holders in the 10K–100K ETH range maintained steady balances, while small holders showed changes. Price changes during this time created varying accumulation tendencies among different investor groups.

Tracking market movements, the Ethereum price hit all-time highs in late 2020 and late 2021, which boosted market activity.  Balances at the 100–1K and 1K–10K ETH levels displayed little movement.

Large holders liquidated their positions, while institutional investors and decentralized finance projects grew. It was a period with increased price volatility as a result of consensus-based and speculative market engagement.

A fresh accumulation phase began in early 2023 and continued through 2025. Crypto Rover's analysis showed a significant rise in Ethereum balances in the 100–10K ETH bracket, which corresponded with price appreciation.

The figures showed renewed trust among investors, particularly smaller investors who continued to add to their balances. The pattern was consistent with earlier accumulation cycles and was followed by Ethereum's price recovery.

Bullish Divergence in Ethereum’s Market Structure

Technical analyst Mister Crypto examined Ethereum's price action against the Relative Strength Index (RSI) indicator.

Ethereum also had a clear downtrend, forming lower highs and lower lows. A declining support level, indicated by a green trendline, reflected where price temporarily supported itself.

Source: Mister Crypto

The price of Ethereum dropped precipitously from the end of February into early March, facing several resistance levels.

Big red candlesticks indicated powerful selling pressure, which was driving the price lower. The timespan also showed a falling wedge pattern with converging trendlines indicating the likelihood of a breakout.

RSI indicator was pointing upwards, producing a bullish divergence compared to the price action in Ethereum. Despite Ethereum's falling price, higher lows were witnessed by RSI, showing heightened momentum despite the bearish push.

Mister Crypto noted that this divergence often precedes market shifts, as declining bearish momentum can lead to price stabilization or reversals.

Although trading volume data was unavailable, candlestick patterns suggested buyers were absorbing selling pressure near support zones.

Ethereum struggled to break below key levels, facing multiple rejections along the descending trendline. Mister Crypto observed that this pattern indicated a potential slowdown in selling pressure.

Ethereum remained in a bearish trading zone, staying below critical resistance levels. If buyers regained control, Ethereum could move toward previous resistance zones.

If selling pressure persisted, Ethereum could break below support, leading to further losses. RSI’s movement remained a key factor in assessing the likelihood of a trend reversal.

Market Outlook and Investor Behavior

The accumulation patterns and technical indicators analyzed by Crypto Rover and Mister Crypto provided insights into Ethereum’s recurring market cycles. Investors have consistently increased holdings when prices are low and reduced them during price peaks.

The latest data showed another strong accumulation phase, in line with Ethereum's recent price recovery. As the price of Ethereum continued to rise throughout 2024 and early 2025, the smaller holders accumulated more.

The trend followed other accumulation periods and suggested robust investor activity. Mister Crypto's RSI indicated bearish momentum weakening and that Ethereum could be experiencing a price recovery.

Both analysts provided sharp insights into Ethereum's price movements and accumulation patterns.

Crypto Rover highlighted whale activity and accumulation patterns, while Mister Crypto noted price action and momentum shifts. These observations provide a detailed analysis of Ethereum's market conditions to help investors track possible future trends.