Ethereum price prediction: $46M whale rotation favors ETH but ETF demand remains weak
The longer Ethereum remains without a clear direction, the more potential the market builds for a sharp move. The question is which side will break the current balance first.
2446.27
2538.52
Arkham notes that in the last three days, 11 new wallets found to be associated with one whale have liquidated 602 BTC (around $45.83 million) on Hyperliquid and re-accumulated 18,780 ETH. The activity points to a short-term rotation of capital into ETH, supporting the coin’s relative strength.
Institutional flows also continue to come under pressure. On September 17, U.S. spot Ethereum ETFs recorded a third straight day of negative flows with -$39.24 million, as reported by SoSoValue.
$2,370–2,550 range keeps the next major move in focus
ETH has been trading between $2,370 and $2,550 since August 21. Such a prolonged consolidation increases the probability of a strong directional move once the price breaks out of the range, making a sharp rise in volatility increasingly likely.
As noted earlier, a break and sustained move below $2,370 could trigger a correction toward the $2,200–2,250 area, where the 50-day SMA is located. This remains the base-case scenario.
A break and sustained move above $2,550, confirmed by at least one full daily candle, would invalidate this setup. In that case, the next target would be the $2,600–2,700 liquidity zone.
Glamsterdam becomes Ethereum’s next major protocol catalyst
The next big protocol catalyst for Ethereum will be Glamsterdam. The upgrade is currently under devnet testing according to Ethereum's roadmap, with the next major testnet step being the Sepolia testnet fork on October 6.
Until Glamsterdam launches, technical signals are likely to remain the main short-term price driver. Whale rotation into ETH provides a positive on-chain signal, but continued ETF outflows show that broader institutional confirmation has yet to emerge.
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