Ethereum Nears $4,000 Amid Whale Accumulation, Mixed Signals

On-chain data show roughly 170,000 ETH (~$660 million) moved into whale wallets between Oct. 21–23 while short-term holders pared positions, leaving ETH rangebound near $4,000. A high-profile whale sold 3,200 ETH at $3,815 after buying at $4,036, realizing a loss and underscoring episodic capitulation risks. Large-wallet trader 0xc2a3 has added to BTC longs while holding about 1,483 BTC (~$165.5M) and 33,270 ETH (~$131.3M), a performance that could buoy market sentiment. Technical signals point to classic oversold conditions (daily RSI <30), with some analysts targeting an $8,000 run if history repeats, while veteran analyst Benjamin Cowen warns this may be a final-cycle rally — noting ETH recently retested its 20/21-week moving average (~$3,800) and could face a likely 2026 downturn. Overall, sizable accumulation and oversold indicators support a potential rebound, but mixed on-chain behavior and the risk of a cycle top make timing and risk management critical.