Ethereum Price: Analyst Targets $6,500 Amid Whale Selloff

Ethereum is currently trading at $4,493, down by 0.20%, with intraday price movements ranging between $4,428 and $4,554 for the past 24 hours. Its market cap is marked at $542 billion, and the trading volume at $36 billion.

Crypto analyst, Trader Tardigrade on X, has noted that the crypto could develop a bullish setup if the price trades within the highlighted falling wedge. The analyst suggests that the price could head toward the blue zone, which could act as a bounce-off point at $4,200 for a new rally.

A decisive breakout from $4,200 would trigger the next wave of momentum. Initial upside targets stand above $5,000, with the chart projecting a larger move toward $6,500 if momentum accelerates. Conversely, a failure to hold $4,200 support would weaken the bullish setup and invite deeper retracement.

Whales Offload 90,000 ETH in Just 48 Hours

According to on-chain data from Santiment highlighted by analyst Ali Martinez, whale wallets holding between 10,000 and 100,000 ETH have dumped roughly 90,000 ETH over the last 48 hours.

The whales’ collective balance has dropped from around 15.67 million to 15.58M ETH between September 14 and 16. At the same time, the crypto’s price declined from about $4,750 down to roughly $4,457, reflecting increased selling pressure from large holders.

BlackRock and Fidelity Drive $61.7M Ethereum ETF Outflow in a Single Day

On September 16, 2025, ETFs saw a significant withdrawal of funds, recording a combined $61.7 million outflow in a single day. The data shows that the largest redemptions came from BlackRock’s ETHA and Fidelity’s FETH products, which offloaded approximately $68.4 million worth of ETF shares between them. 

Specifically, BlackRock ETHA registered an outflow of $20.3 million, while Fidelity FETH posted a much larger outflow of $48.1 million. Although some smaller issuers showed minor inflows and outflows, they were not enough to offset the heavy selling by these two major players. This sharp movement highlights a sudden cooling of institutional demand for the crypto exposure.

Technical analysis - Price Holds $4.5K

Despite the outflows, ETH is currently neutral but leaning toward the bullish region on the daily chart. Price is consolidating around the $4,500 level, holding above key support at $4,428, which suggests buyers are still defending the trend.

Indicators such as the RSI is currently at 53.87, which reflects that the asset is neither overbought nor oversold, leaving room for further upward movement if demand increases. Moreover, the MACD line is above the Signal line, which indicates bullish momentum is starting to build.