Key Notes
- Ether jumped 6.6% in a day, reclaiming the $4,400 zone.
- Whales sold over $200 million worth of ETH ahead of $4,505 resistance.
- Analysts eye Wyckoff breakout and possible $8,000 rally this cycle.
Ethereum ETH $4 391 24h volatility: 2.0% Market cap: $530.04 B Vol. 24h: $39.89 B is bouncing back strongly after last week’s dip to $3,850. The second-largest crypto gained more than 6% on Oct. 2, climbing to $4,383 at the time of writing. Market data suggests that ETH 24-hour trading volume has surged by 45%, currently standing at $52.48 billion.
However, large holders are beginning to take profits as Ether approaches a key resistance.
According to analyst Ali Martinez, $4,505 remains a crucial level that could determine ETH’s short-term direction. The analyst shared a realized price distribution chart from Glassnode, showing a major concentration of addresses that sold ETH near this range.
$4,505 is one of the most important resistance levels to watch for Ethereum $ETH . pic.twitter.com/0QHS2P0P5C
— Ali (@ali_charts) October 2, 2025
Ether Faces Whale Sell-off
On-chain data confirms that some whales are reducing exposure ahead of this resistance. Lookonchain reported that Trend Research moved 24,051 ETH (worth around $104.3 million) to Binance late on Oct. 1.
As the market rebounded, some whales sold $ETH to lock in profits.
Trend Research deposited 24,051 $ETH ($104.3M) into #Binance over the past 9 hours.
OTC whale 0xd8d0 sold 20,830 $ETH ($98.3M) via Wintermute over the past 10 hours.
Ethereum OG 0x0FeA deposited 4,000… pic.twitter.com/ItSzxrAFe1
— Lookonchain (@lookonchain) October 2, 2025
Around the same time, another whale wallet offloaded 20,830 ETH (worth around $98.3 million) through Wintermute. Moreover, earlier today, an OG Ethereum whale sent 4,000 ETH (worth around $17.3 million) to Kraken.
This growing caution among large investors suggests a potential short-term pullback before the next upward leg. ETH needs to close above the $4,500 level to confirm bullish momentum.
ETH Price Outlook
Despite whale selling, analysts remain optimistic, calling ETH one of the best crypto to buy right now. Market strategist Cas Abbe noted that the cryptocurrency has been forming a Wyckoff accumulation pattern since late 2024. According to him, it is now in its final phase, which generally leads to a parabolic move.
$ETH Wyckoff accumulation is now entering its final phase.
This is the phase where a parabolic run happens.
It won't start immediately but will happen within 3-4 weeks.
IMO, ETH will make a strong support around $4K level and then pull a 80%-100% rally in 6-8 weeks. pic.twitter.com/C4EL6ufGjv
— Cas Abbé (@cas_abbe) October 1, 2025
Abbe predicts a strong base forming around $4,000 this month, before a potential 80–100% rally in November. If this happens, ETH could surge above the $8,000, a price set by many analysts for this quarter.
Notably, ETH is currently trading 11% below its all-time high of $4,953, reached in August.
On the daily chart, the price is bouncing off the lower Bollinger Band and now pressing against the mid-band (20-day SMA) near $4,380. A close above the upper band around $4,770 could confirm renewed bullish momentum.
ETH price chart with RSI and Bollinger Bands | Source: TradingView
The RSI is showing neutral momentum as it recovers from oversold levels. In a bullish scenario, breaking $4,505 would lead ETH to $4,800 and potentially $5,000.
