Ethereum’s recovery is starting to put some of the biggest players back in the green.

And that’s where things usually get interesting.

According to CryptoQuant data, wallets holding over 100,000 ETH — the so-called whales — have just moved back into profit for the first time since early February.

After months of sitting on losses, they finally have breathing room again.

Profit Is Bullish… Until It Isn’t

On paper, this should be a good sign.

When large holders return to profit, it often means price has reclaimed important levels. It can mark the end of a weak phase and the beginning of something stronger.

But there’s another side to it.

Profit is also where selling starts.

Big players don’t wait forever. Once they’re back in the green, some will take it — especially after a long stretch of downside.

So this moment tends to split the market:

Some whales hold → trend continues
Some whales sell → resistance builds

And right now, it’s not fully clear which side wins.

A Pattern Traders Are Watching Closely

There’s a reason people are paying attention here.

Historically, when ETH whales flip back into profit, it hasn’t been random. It’s often happened near turning points.

One analyst pointed out that these same wallets — the ones holding massive positions — have a habit of accumulating when things look worst, then sitting through the recovery.

And when they’re back in profit?

That’s often when momentum starts picking up, not fading.

There’s even a pattern tied to it:

~25% move within a few months
~50% over half a year
Much larger upside if the cycle fully turns

Not guaranteed, obviously. But it’s happened enough times that traders don’t ignore it.

Why This Time Might Be Different

Still, context matters.

This isn’t a clean bull market environment. The broader backdrop is shaky — macro pressure, geopolitical noise, uncertain sentiment.

So even if the setup looks familiar, the reaction might not be.

Whales could just as easily use this strength to reduce exposure instead of adding to it.

First Real Test: $2,350

There’s already a level people are watching.

Around $2,350, some analysts are pointing to a potential sell wall — a zone where large holders might start taking profit.

It’s not far from current price, which means Ethereum could run into resistance sooner rather than later.

If price pushes through cleanly, that’s a strong signal.

If it stalls there, it might confirm that whales are, at least partially, selling into strength.

A Turning Point, Either Way

What makes this moment important isn’t just the price.

It’s positioning.

Whales being back in profit changes the dynamic. It introduces choice — and that choice tends to shape what happens next.

Hold, and momentum builds.
Sell, and the move slows down.

Either way, Ethereum is no longer in the same place it was a few weeks ago.

Now we find out what the biggest players actually want to do.

Ethereum Whales Are Back in Profit — The Real Question Is What They Do Next

Cryptocurrency — finally simple

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Sarah DeFi