Key takeaways
What to read about Ethereum’s latest move?
Open interest is at $19.9 billion with fixed funding, so traders are accumulating.
What happens on-chain with ETH supply?
Whales are active again and exchange balances are declining. It is possible that traders will take positions before the rally.
Ethereum [ETH] It appears to be running in the foreground.
The real question is not whether ETH can reach $6,500 soon, but whether traders can. Already priced. Major shareholders are active again, and supply on the exchanges is declining.
The smart money is positioned early while retail is still playing catch-up.
OI climbs without crowd-level influence
AI bundled It fell to $19.9 billion, while the average funding rate remained close to flat. This indicates that traders are adding exposure, but not through highly leveraged buy trades.
Source: Queenalyze
Neutral financing with a high rate of external investment is usually a sign of controlled early accumulation rather than a FOMO breakout.
If this continues, it supports a slow and steady build in directional bias. This is not the kind of leverage you see at local tops.
The whales are back, and the supply is shrinking again
Source: Cryptoquant
Ethereum cross-chain flows continue to show more supply leaving exchanges than entering them.
CryptoQuant’s net flow chart printed consistent negative bars until late October, confirming that coins are being pulled into self-custody and staking.
Source: Santiment
At the same time, the number of whale transactions on Santiment has risen again, indicating that large-scale capital is active.
This occurs while the price has not yet broken out, making this a positioning phase rather than chasing momentum.
If this continues into the middle of Q4, a move towards the next structural resistance area (around $6,200-$6,500) becomes reasonable rather than a stretch target. The data does not confirm this yet, but it confirms the location of this range.
The pricing mechanism is already tilted in this direction, before the breakout actually appears on the chart.
ETH isn’t quite there…yet
Ethereum’s daily chart showed the price rejecting the $3,900 area, pushing the RSI above 30 points.
The MACD remained below the signal line and did not turn positively, so the momentum is calming down for now. Trading volume did not expand significantly with this pullback, so this is not a dismantling of panic.
Source: Trading View
Combined with previous data, this looks like a near-term reset. The larger accumulation trend remains intact unless the $3,500 level is broken.
