Ethereum Sees Golden Cross, But Are Whales Exiting Too Soon

Key Insights:

• Ethereum price completed an Ichimoku golden cross on the weekly timeframe.
• The OI of Ethereum CME Futures approaches the $3.5B mark.
• A prominent whale wallet is dumping ETH while still holding some for more profits.

Ethereum [ETH], the main driving force of the altcoin market, is slowly hinting at a potential altcoin season after reclaiming the $2500 zone. More metrics are pointing toward a continued bullish sentiment.

Despite all these, some Ethereum whales are getting cautious by tanking some profits while leaving some for more gains in case ETH continues to surge. The interest as seen in CME Futures supports this, but the metric is not enough to define what could unfold.

That said, can ETH reclaim its peak, and if not, what would hold it back?

How High Can Ethereum Rise After Golden Cross?

Ethereum price action is noteworthy at this juncture when traders are anticipating a move past higher barriers. The altcoin completed a golden cross on the weekly Ichimoku indicator.

Ethereum’s crossover between the Tenkan-sen at $2,495.99 and Kijun-sen at $2,455.59 hinted at a bullish reversal. It occurred at the price level of about $2,623.47.

Historically, this kind of cross caused a 30% rally in Q4 2024 that lasted for three weeks. This pattern could be a replica of such a move so long as ETH maintained support at $2,455.

Also, the RSI, which was trapped in the 12-month downtrend, was able to clear its resistance at 46.65. The RSI managed to print a value of 53.83, indicating an increase in bull momentum.

If the RSI remains above 50 levels, ETH might surpass a near-term resistance at $2,700. That would be before stretching to $2,900 and $3,200 if buyers get more confident.

Nonetheless, a possible break below the Ichimoku band of $2,495-$2,455 could provoke a negative trend. It would mean revisiting the previous levels of $2,150 or $1840.

The trend as of press time indicated that ETH would be getting into a trend reversal stage. However, more factors were needed to sustain it. The psychological barrier at $2,700 was one to observe.

ETH CME Futures Open Interest is Near $3.5B

Despite the bullish sentiment in price, the open interest (OI) in ETH CME futures is taking time to hit $3.5 Billion, as opposed to Q4 2024 when OI surpassed $4 Billion.

However, this rise indicated increased interest from the institutions. The increase in OI is normally an indication of growth in capital inflow by those who may be awaiting movement.

It was quite interesting to note that the OI as of press time was equivalent to that attained during the January-March rally. However, during Q1 2025, the trend was declining, very different from the current one. That suggested a short-term market peak, but now, it could hint at a spike.

Again, it proved that both the OI and price have been on a constant increase since May 2025, with a clear identifiable match. As institutional demand restarts, Ethereum may experience long-term price advancement. However, for it to be continued, it would need the trend to remain strong.

Whale Exits But Still Holds a Huge Chunk

Worth noting, a whale connected to three wallets under the name Arthapala, received 155,837 ETH worth $408M according to Lookonchain data. It was after unstaking and sent them to ByBit exchange. This activity hinted at a potential sell-off.

Despite the transfer of 120,918 ETH, valued at $317 Million, to the exchanges since June 10, a considerable amount, 34,919 ETH worth $91.6M, was still intact. It implied a prudent selling out gradually as opposed to a panic sell.

By making partial profits, the whale may have been holding its ground in the new bullish trend. Yet, the whale remains exposed with a view to making additional profits.

The rest of the stake indicated bullishness on the Ethereum upside prospect. This action may be a reflection of confidence in readjustment instead of a full surrender.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.