Ethereum whales kept adding ETH during the late January dip, and the buying trend held as price climbed back above $3,000. Now traders are watching whether ETH can secure a daily close above that level for a push toward $3,200.
TH Whales Lift Holdings as Price Recovers From Late-January Dip
Ethereum whale wallets increased their holdings even as ETH prices whipsawed through a sharp late-January selloff, according to Santiment data tracking supply held by large addresses, excluding exchanges.
The chart shows whale-held ETH trending steadily higher through Jan. 21–27, while price moved more unevenly. ETH slid hard around Jan. 25, briefly dropping below the $2,900 area, before rebounding toward the $3,200–$3,300 range by Jan. 27. Despite that volatility, whale supply continued to rise in step-like increments, indicating accumulation during weakness rather than distribution into strength.
Ethereum Whale Supply vs ETH Price. Source: Santiment
The divergence matters because it points to large holders adding exposure while shorter-term price action remained unstable. When whale balances rise during drawdowns, it often reflects long-term positioning rather than reactive trading. In this case, accumulation persisted through the sharp intraday drop and accelerated during the rebound, suggesting sustained demand from large wallets.
At the same time, the absence of a visible decline in whale supply during the price recovery signals limited profit-taking at higher levels. Instead, the data show whales maintaining or increasing exposure as ETH stabilized, reinforcing the idea that large holders viewed the pullback as temporary rather than structural.
By Jan. 27, whale-held supply reached a local high for the observed period, while ETH price regained much of the lost ground from the midweek dip. The pattern highlights a familiar dynamic in Ethereum markets: large holders tend to accumulate quietly during periods of stress, while price volatility plays out among smaller participants.
The Santiment chart does not identify individual entities, but it aggregates balances large enough to influence liquidity. As a result, the steady rise in whale-held ETH suggests underlying support from deep-pocketed holders, even as short-term price moves remained choppy.
ETH Clears $3,000, but Daily Close Becomes Next Test
Ethereum pushed above the $3,000 level, and traders shifted focus to whether the breakout can hold into the daily close, according to a chart shared by analyst TedPillows on X.
ETH $3,000 Breakout Levels. Source: TedPillows on X
The post said ETH needs a daily close above the $3,000 zone to support a move toward $3,200. The chart marked nearby resistance bands above spot price and showed $3,200 as the next key area if buyers keep control.
TedPillows also warned that losing $3,000 could unwind the latest bounce. In that scenario, the move above the level would look like a failed breakout, and price could slide back into the prior range.
