Ethereum whales are intensifying their buy out pressure as small investors pull away.

What an interesting landscape we have with Ethereum! While it trades above 4,300 dollars, I am seeing a brutal contrast between the whales and the small investors. And I can't help but wonder: who is right here?

Whales keep accumulating while the small ones flee

Large holders with wallets of 10,000-100,000 ETH are getting fed up with buying. They have added more than 450,000 ETH in the last week, following a trend that started in May. What a slice!

Meanwhile, reserves on exchanges have dropped by 260,000 ETH since the beginning of September. This usually means that people are taking out their funds to hold them long-term, which would normally push the price up.

But here comes the curious part... Corporate companies like BitMine Immersion and SharpLink Gaming are also accumulating like crazy (202.500 ETH and 39.500 ETH respectively).

And what are the small investors doing in the meantime? Well, the opposite. Wallets holding between 100-10,000 ETH have released more than 500,000 ETH in the last week. And those who bought ETH in the last 90 days are also selling, as shown by the Mean Coin Age metric.

Who the hell is right here? Because both can't be right...

The futures market smells of blood

The net volume of futures traders has reached historical lows, indicating that there are many positions betting that the price will drop.

In the last 24 hours, positions worth 64 million dollars have been liquidated, almost equally split between long and short.

The price is at a critical moment

Ethereum broke the upper trendline of a descending triangle and tested the $4,500 level before being rejected. If it maintains this line, it could attempt to break $4,500 again, a level it has not firmly surpassed in the last two weeks.

On the negative side, ETH could fall towards $3,500 if it breaks the 50-day simple moving average and the support range between $4,000 and $4,100.

The RSI is moving horizontally near its midpoint while the Stochastic Oscillator is below its neutral level but trending upward. This indicates a slightly dominant bearish momentum.

Personally, I believe we should pay more attention to what the whales are doing than to small investors. Historically, large capital tends to have better information and long-term perspective. Although, of course, they don't always get it right...

And what do you think? Would you follow the whales or join the distribution of small investors?