Ethereum Dips to $3,100 — Are ETH Whales Starting to Turn Bullish?

Jakarta, Pintu News – The price of Ethereum (ETH) managed to break out of the descending wedge pattern that has formed over the past two months, signaling a return of bullish momentum. Technically, ETH’s movement structure is now pointing towards a potential rally after experiencing a long consolidation phase.

However, this upside outlook is facing challenges as large holders of assets have started to distribute amid price gains. Such whale activity raises concerns that selling pressure could limit the continuation of price gains.

Then, how will Ethereum price move today?

Ethereum Price Drops 3.23% in 24 Hours

On January 8, 2026, Ethereum was trading at approximately $3,146, or around IDR 53,162,320, marking a 3.23% decline over the past 24 hours. During this period, ETH dipped to a low of IDR 52,651,282 and reached a high of IDR 55,167,742.

At the time of writing, Ethereum’s market capitalization is estimated at around IDR 6.565 trillion, while its daily trading volume has dropped 20% over the last 24 hours to IDR 425.08 trillion.

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Ethereum Whale Shows Skepticism?

Ethereum whales are showing a rather skeptical attitude as the price rises. In the past three days, wallets holding between 100,000 and 1 million ETH have offloaded around 300,000 ETH. At current prices, the value of these sales exceeds $971 million, significantly increasing the supply to the market.

This behavior indicates doubts from large holders about ETH’s ability to sustain rallies. Whales often distribute during breakouts to secure profits. Such actions have the potential to slow down the upward momentum, especially if demand from other market participants is not strong enough to absorb the additional supply.

While whale selling doesn’t necessarily lead to a trend reversal, it does increase short-term risk. Large-scale transactions can affect liquidity and put pressure on prices if they occur repeatedly. As such, Ethereum’s rally must now face potential looming supply pressure.

ETH LTH Potentially Stabilizes Prices

The behavior of long-term holders (LTH) could potentially be a balancing factor amid distribution actions by whales. Since late December 2025, Ethereum’s Liveliness metric has seen a sharp decline. This indicator measures whether coins that have been held for a long time change hands again or remain dormant.

The decrease in Liveliness indicates that long-term ETH holders are choosing to hold their assets instead of selling. This pattern reflects a high level of confidence from investors with a longer time horizon. Such an attitude may help stabilize prices amid short-term distribution pressure.

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As long-term holders maintain their positions, market volatility tends to decrease as the supply of ETH available for sale becomes more limited. This dynamic has the potential to cushion the pressure from whale selling and support Ethereum’s overall bullish structure.

ETH Price Increase to Continue?

On January 7, 2026, ETH was trading around $3,265 after confirming the breakout of a descending wedge pattern. Technically, this pattern opens up an upside opportunity of around 29.5%, with a target of around $4,061. However, reaching this level requires sustained demand and reduced distribution pressure.

In the short term, a more realistic target is in the $3,447 area, provided ETH is able to maintain the $3,287 level as support. Successfully maintaining this area will strengthen the validity of the breakout and open up room for further movement towards $3,607.

On the other hand, downside risks remain dependent on whale behavior. If selling pressure increases, ETH could potentially drop below $3,131. A deeper drop towards the $3,000 to $2,902 area would invalidate the bullish scenario and invalidate the validity of the breakout, as well as open the door for a broader correction phase.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• BeInCrypto. Ethereum Rally Faces Pressure After $970 Million in Whale Selling. Accessed on January 8, 2026