Ethereum Whale Buying Hits $152 Million as ETH Recovery Gains Momentum

Ethereum Recovers Above $1,900 as Whales Accumulate $152 Million in ETH

Ethereum has extended its recovery after bottoming near $1,820 last week, trading inside an ascending channel through early August. At the time of writing, ETH was priced near $1,923, up roughly 1% over the previous 24 hours, with renewed activity from large holders providing additional support for the rebound.

Whale Accumulation Adds Fuel to the Recovery

On-chain data showed significant buying from large wallets. Two notable whales accumulated a combined 80,000 ETH, valued at approximately $152 million.

One wallet withdrew 30,000 ETH (around $57.21 million) from Coinbase Prime and later distributed the tokens across three new addresses. A second whale acquired 50,000 ETH (approximately $95.73 million) from a Fidelity-linked wallet, subsequently moving 36,530 ETH (about $69.94 million) to a fresh address.

Supporting this activity, Ethereum’s Whale Sentiment Index remained elevated, staying above 60 for two consecutive days and above 50 for six days in a row. The latest reading near 66 indicated continued heavy buying interest among large holders. This sustained accumulation has helped reinforce the demand side of the market during the recent recovery.

Divergent Behavior From a Long-Term Holder

Not all large wallets moved in the same direction. One long-term whale that had held ETH for more than three years exited a portion of its position. The wallet originally accumulated at an average price near $2,723 between February 2022 and March 2023, later staking the holdings. It eventually sold 7,323 ETH for roughly $13.96 million, realizing a loss exceeding $6 million and bringing total losses on the position to more than $19 million.

The sale highlighted that some longer-term holders remain reluctant to withstand further periods of market weakness, even as newer or more active whales continue to accumulate.

Technical Structure Turns More Constructive

From a technical perspective, the recovery has been accompanied by improving momentum signals. The SMI Ergodic Indicator printed a bullish crossover and rose toward the 0.1 level, suggesting that downside pressure has eased and short-term bullish momentum is becoming more established.

Price is currently holding above the 20-day and 50-day exponential moving averages and is testing the 100-day EMA near $1,923. A sustained break and close above this level would strengthen the case for further upside. The next major technical reference sits at the 200-day EMA, currently near $2,147.

As long as demand from larger holders remains supportive and price continues to respect the ascending channel, the path of least resistance leans higher in the near term. Clearing the 100-day moving average with conviction would open the door for a challenge of the longer-term 200-day average.

Outlook

Ethereum’s recent price action reflects a combination of technical stabilization and visible whale accumulation. While one long-term holder has taken losses and exited, the broader flow among large wallets has tilted toward buying. If this demand persists, ETH is well-positioned to hold above $1,923 and attempt a move toward the $2,147 region. Failure to maintain the current structure, however, would leave the door open for a retest of lower support within the broader range.

Robert Petrov publication: "Ethereum Whale Buying Hits $152 Million as ETH Recovery Gains Momentum" was written for 24crypto.news

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