Ethereum: Can $152M in whale buying keep ETH above $1.9K?

Ethereum [ETH] 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.

Are Ethereum whales buying ETH?

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.

Meanwhile, Ethereum’s [ETH] 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 ETH’s demand side. However, one older whale moved in the opposite direction.

Why did one ETH whale sell?

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.

What’s next for ETH?

Strengthened by whale accumulation, Ethereum’s upward pressure is holding strongly. In fact, the altcoin’s SMI Ergodic Indicator made a bullish crossover, hiking to 0.1.

The upward trajectory suggests the downside pressure has weakened significantly, and bullish momentum is becoming more established.

On top of that, ETH currently sits above 20 and 50-day moving averages, and is testing the 100-day moving average. This shows the short-term momentum strongly leans upside, and flipping the 100-day EMA will validate this upside move.

Therefore, if demand holds, ETH will close above $1923 and clear a path to challenge the 200-day EMA at $2147.

Final Summary

• Ethereum whales accumulated 80,000 ETH worth $152 million as ETH recovered toward $1,923.
• Ethereum’s Whale Sentiment Index rose near 66, pointing to heavy buying from major holders.