Last week, Ethereum (ETH) investors saw excitement as the leading smart contract platform briefly surpassed $3,900 in value. However, this peak was short-lived as ETH quickly dropped back down. Simultaneously, large holders, known as whales, used the opportunity to acquire more ETH.

The price of ETH experienced a rapid rise recently, reaching over $3,900 on May 27th. However, it didn't sustain this level and faced selling pressure. Despite the approval of an ETH exchange-traded fund (ETF) last week, the cryptocurrency's growth remained modest. According to CoinMarketCap, ETH declined by more than 1% over the past seven days. At the latest update, ETH was trading at $3,759.66 with a market capitalization exceeding $451 billion.

Notably, cryptocurrency analyst Ali pointed out a significant increase in the number of Ethereum addresses holding over 10,000 ETH. This rise suggests that large holders may be transitioning from selling to accumulating ETH. Data from Glassnode also indicates a rise in accumulation activity.

Meanwhile, Ethereum's reserves on exchanges saw a notable decrease on May 30th, suggesting strong buying interest. However, CryptoQuant data paints a different picture, showing higher net deposits compared to the seven-day average, which implies increased selling pressure. Additionally, the Coinbase Premium for ETH has been declining, indicating predominant selling activity among U.S. investors.

These movements could be attributed to Ethereum being overbought recently. Both the relative strength index (RSI) and stochastic indicators showed overbought conditions, while the MACD indicator suggested a potential bearish trend. The money flow index (MFI) recorded a slight decline, and Ethereum's price was highly volatile according to Bollinger Bands, still trading well above the 20-day simple moving average (SMA).

In conclusion, Ethereum's recent price fluctuations and whale accumulation reflect a dynamic market environment where investors navigate between buying and selling pressures amidst varying technical signals.