cryptopotato.com
After a strong rally last month that catapulted Ethereum to a fresh all-time high near $5,000, the altcoin suffered a choppy price action.
However, Ethereum is making a push to reclaim the crucial $4,500 level, as deep-pocketed $ETH whales quietly load up in the background.
Whale Buying Spree
Ethereum is seeing steady accumulation from mid-sized whales and sharks holding 1,000-100,000 $ETH.
Over the past five months alone, these influential investors have boosted their holdings by 14%, amidst growing confidence, according to the latest data shared by Santiment. This trend started when $ETH was trading near yearly lows of around $1,800-$1,400.
Such a pattern can provide strong support for the altcoin’s ongoing price momentum. Beyond these mid-sized wallets, Altcoin Vector zooms in on specific whale cohorts and found that the buying activity from these hodlers also aligns with $ETH’s broader price impulse.
Its data revealed that Ethereum is breaking free from the bearish compression that has weighed on its price, but a decisive push beyond $5,000 depends on renewed whale accumulation. Their analysis highlights that between mid-July and August, mega whales holding at least 10,000 $ETH, followed by large whales with 1,000-10,000 $ETH, significantly increased their holdings.
Interestingly, these periods of accumulation coincided with the development of Ethereum’s aggregate impulse, which points to the influence of strong hands on price momentum. For $ETH to clear the all-time-high zone without stalling, a similar wave of conviction-driven accumulation is essential. While there is visible spot demand for Ethereum, derivatives-led speculation has played a larger role in moving the price recently.
However, a breakout above resistance could change this, and boost spot-driven confidence to spark the next strong impulse. If such momentum materializes, Ethereum may finally overcome prior highs and establish itself firmly above the $5,000 threshold.
500,000 $ETH Leaves Exchanges
The popular crypto analyst Ali Martinez reported that 500,000 $ETH, worth around $2.1 billion, was withdrawn from centralized exchanges over the past week.
Large-scale outflows like these are often interpreted as investors moving assets into self-custody, which can lower selling pressure on exchanges at a time when the asset is attempting to reclaim key resistance levels.