Ethereum sentiment hits 9-month low, yet whales move millions – Why?

Key takeaways

What’s happening with Ethereum sentiment right now?

Ethereum’s weighted sentiment has dropped to its weakest level in nine months.

Why is the $35.7 million ETH transfer important?

A new wallet received 9,272 ETH from Galaxy Digital, a rare large move during bearish sentiment.

Ethereum [ETH] sentiment is at its weakest in nine months, but one large transfer has cut through the gloom.

A new wallet just received $35.7 million worth of ETH, with big names suspected to be on the receiving end. At a time when traders are stepping back and confidence is thinning, a move of this size stands out.

Sentiment at its weakest since February

Ethereum’s Weighted Sentiment has dropped to its lowest level in nine months, as the chart shows a clear slide back into deep negative territory.

Source: Santiment

The indicator has been trending below neutral for weeks, with fading confidence and thinning buyer commitment.

When this metric stays negative for longer stretches, traders hesitate to open fresh longs, making price recoveries harder to sustain.

If this current pessimism stays, support zones could come under stress, and even small sell-offs may cause downside. In the near term, ETH needs a shift in tone before bulls can regain meaningful control.

A rare large buy in hard times

Despite this, whale behaviour hasn’t fully disappeared.

Source: Onchain Lens/X

Data shows a new wallet received 9,272 ETH (about $35.7 million) from Galaxy Digital. Early chatter links it to Bitmine or Sharplink, though this isn’t officially confirmed yet.

Source: Santiment

What stands out is the timing. As ETH’s price pulled back into the $3.8K zone and most traders turned cautious, whale-size transfers above $1M still spiked.

The uneven psychology right now is obvious. Retail is fearful, but selective big players remain active.

Short-term trend still lacks strength

Ethereum’s daily chart shows price holding just under the $3.9K zone, but traders seem cautious.

Volume has thinned out, RSI was near the mid-40s, and the MACD line was still below the signal line at press time. This means momentum hadn’t turned in the bulls’ favor yet.

Source: TradingView

The candles over the last few days also showed trader indecision. For now, ETH hasn’t shown a clean reversal pattern or a strong pickup in demand.

Until momentum improves, upside attempts may stay limited, and sellers could remain in control if the next drop in volume turns into weakness.