Ethereum [ETH] is currently at a pivotal point, both in price action and investor behavior. Hovering between $2,400 and $2,500, the second-largest cryptocurrency by market cap finds itself caught in a tug-of-war between bullish whales and profit-taking sellers, including the Ethereum Foundation. The market is watching closely to see which side will tip the balance.

Over the past two weeks, ETH has struggled to break free from its current price range following a sharp correction in June that dragged it from $2,800 to $2,100. This consolidation has left many traders uncertain about the altcoin’s next direction — and the latest on-chain activity has only deepened the mystery.

Whales Accumulate Over 1.49 Million ETH

Despite Ethereum’s flat performance recently, large investors appear to be betting on a rebound. According to data from CryptoQuant, whale wallets have accumulated over 1.49 million ETH in the last 30 days, marking a 3.72% increase in their total holdings. This accumulation isn’t a one-time spike either; it’s a steady upward trend that indicates growing confidence from seasoned players.

A closer look reveals that on July 1st alone, whales purchased 704,000 ETH, exceeding the 585,000 ETH sold that day. As a result, the Netflow for Large Holders surged from 9,800 ETH to over 119,000 ETH. Historically, such buying activity signals that whales are positioning themselves ahead of a potential market move, likely anticipating a rally.

Meanwhile, the Ethereum Foundation Sells $32 Million Worth

In stark contrast to the whales’ quiet accumulation, the Ethereum Foundation has been actively selling. As tracked by Lookonchain, the Foundation has been transferring 1,000 ETH daily, valued at approximately $2.46 million, to a multisig wallet. To date, they’ve sold around 13,000 ETH, totaling over $32 million in just the past few weeks.

This selling spree has raised eyebrows in the crypto community. While some interpret it as routine treasury management, others see it as a cautious signal from Ethereum’s core development team — possibly anticipating further market weakness or preparing for internal funding needs.

Retail and Institutions Also Lean Bearish

Adding more weight to the selling pressure, data from CryptoQuant shows a notable increase in Ethereum inflows to centralized exchanges. In one of the most significant moves, Binance received 100,000 ETH—worth about $250 million—in a single day. This kind of large exchange inflow typically suggests that holders are preparing to sell, a pattern often followed by short-term price drops.

This trend is especially concerning given that such movements are not backed by a surge in new capital inflows. Without fresh demand, the selling pressure could intensify, pushing prices lower in the near term.

Technical Indicators Reflect Market Uncertainty

Ethereum’s Relative Strength Index (RSI) Divergence Indicator stood at 48.62 at press time. This neutral reading reflects a market in consolidation, lacking strong bullish or bearish momentum. Traders appear to be waiting for a clear catalyst — whether a surge in buying or another round of heavy selling.

This balanced RSI reading confirms what price action has shown over the past few weeks: Ethereum is in a state of indecision, caught between upward pressure from whales and downward drag from retail and institutional sellers.

What Comes Next for Ethereum?

The path ahead for Ethereum depends heavily on which group maintains control — the accumulating whales or the selling cohort that includes the Ethereum Foundation and retail traders.

If whale buying persists and retail selling dries up, Ethereum could reclaim $2,548 and potentially break out toward the $2,700 level. Such a move would likely be driven by a combination of reduced sell pressure and renewed confidence in the market.

However, if selling continues to dominate — particularly from large entities like the Foundation — ETH may break below its current consolidation range, with a possible downside target around $2,372. This would reflect a rejection of the current support zone and signal further weakness in the short term.

For now, the market remains at a tipping point, and all eyes are on the $2.4K level. Whether Ethereum breaks upward or downward, this standoff between bullish and bearish forces is set to shape its next major move.