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Following
ETH Major event on the Ethereum blockchain
On Tuesday, a major event occurred on the Ethereum blockchain. In just 24 hours, major whale owners sold or reallocated 226,435 ETH units worth approximately US$430 million, one of the most significant peaks in whale activity in recent months. This trend was pointed out on Platform X by cryptocurrency analyst Ali Martinez, whose analysis of Ethereum charts has been relatively accurate during the current bear market stage.
This time point is critical. Ethereum has recently formed a golden cross on the chart-that is, the 50-day moving average crosses the 200-day moving average upwards, which has traditionally been seen as a signal of a shift in bullish momentum. This technological development has driven the market narrative towards potential recovery. Tuesday's whale movements put that narrative to the test.
The key price point that changes everything
Ali Martinez is looking at $1,733. This is the number. Ethereum is still firmly above that price, but according to his assessment, once this support level is lost, current bullish expectations will be completely shelved. A loss in support of $1,733 would not only end the gold cross trade, but would also reset recovery discussions and open up room for deeper backtesting of recent lows.
The $430 million whale reallocation is why $1,733 suddenly became important. Large buyers moving such a large amount in one day will bring selling pressure, while small buyers may have difficulty fully accepting it. Whether this move was a real sell-off or an internal redistribution between wallets (i.e., custody migration rather than market exit), on-chain data cannot give a definite answer.
Bullish scenario
If $1,733 is held, the situation will be completely different. Ali Martinez previously pointed out that the first major resistance range after the Golden Cross is between $1,980 and $2,080. Once it breaks out of that range, the next price he focuses on is $2,773, which has 60% room to rise from current levels.
Ethereum closed down for three consecutive quarters for the first time in history as of the second quarter of 2026. The gold fork is the first technical signal in months that suggests the decline may end. Whale activity is the first severe test of whether the signal is valid.
