Ethereum has recovered from its $1,820 low last week to trade near $1,923, supported by renewed whale accumulation. Onchain Lens reported that two whales acquired a combined 80,000 ETH worth approximately $152 million. One whale withdrew 30,000 ETH from Coinbase Prime, distributing the tokens across three new wallets. Another whale acquired 50,000 ETH from a Fidelity-linked wallet. Ethereum’s Whale Sentiment Index remained above 60 for two days and stood near 66 at press time, indicating heavy buying from large holders. However, a long-term whale sold 7,323 ETH for $13.96 million at a loss, according to Lookonchain, realizing a $6 million loss on that portion of their holdings. The asset’s SMI Ergodic Indicator made a bullish crossover, suggesting downside pressure has weakened and bullish momentum is building.
Ethereum recovered from $1,820 last week and traded inside an ascending channel throughout August. At press time, ETH traded near $1,923, up 1.01% over 24 hours.
Renewed whale activity supported the recovery. Onchain Lens reported that two whales accumulated 80,000 ETH worth $152 million.
One whale withdrew 30,000 ETH, worth $57.21 million, from Coinbase Prime. The whale later distributed the tokens across three new wallets.
Another whale acquired 50,000 ETH, worth $95.73 million, from a Fidelity-linked wallet. That wallet later moved 36,530 ETH, worth $69.94 million, to a new address.
Ethereum’s Whale Sentiment Index stayed above 60 for two days. It remained above 50 for six consecutive days. At press time, the index stood near 66, signaling heavy buying among large holders.
This buying activity may have strengthened Ethereum’s demand side. However, one older whale moved in the opposite direction.
A long-term whale sold ETH after holding the asset for more than three years. According to Lookonchain, the wallet’s total losses exceeded $19 million.
The whale bought ETH at an average price of $2,723 during February 2022 and March 2023. It later staked the holdings. The wallet sold 7,323 ETH for $13.96 million, realizing a $6 million loss.
That sale showed that some long-term holders remained unwilling to wait through further market weakness.
Strengthened by whale accumulation, Ethereum’s upward pressure is holding strongly. The altcoin’s SMI Ergodic Indicator made a bullish crossover, hiking to 0.1.
The upward trajectory suggests downside pressure has weakened significantly. Bullish momentum is becoming more established.
Ethereum currently sits above its 20 and 50-day moving averages. It is testing the 100-day moving average, showing short-term momentum strongly leans upside.
If demand holds, ETH will close above $1,923. That would clear a path to challenge the 200-day EMA at $2,147.
