- Whales bought 1.8 million ETH in a month, pushing Ethereum above the $4K mark.
- Corporate holders like BitMine and SharpLink boosted Ethereum reserves to billions.
- Ethereum ETFs see strong inflows; SEC’s staking ETF approval could boost appeal further.
Ethereum (ETH) has surged above $4,000 for the first time in months, supported by large-scale whale accumulation and favorable technical indicators. The move signals growing institutional confidence, with wallets holding between 10,000 and 100,000 ETH acquiring over 1.8 million coins in the past 30 days. This buying pattern, historically tied to major price movements, is viewed as a bullish signal ahead of key upcoming events. Could these combined forces push Ethereum into a new structural phase?
Corporate Ether Holdings Surge
SharpLink Gaming has expanded its reserves by more than 202,000 ETH, equal to roughly $528 million in purchases over one month. In a separate buying push, the firm completed an $85 million acquisition—approximately 21,960 ETH—within four hours. These moves lifted SharpLink’s total to around 543,000 ETH, valued at approximately $2.12 billion.
Meanwhile, BitMine Immersion has overtaken SharpLink as the largest publicly traded ETH holder. The company’s treasury now includes over 833,000 ETH, valued at more than $2.9 billion, all gathered in just over a month. According to Tom Lee, BitMine’s strategy targets 5%of Ethereum’s total supply.
Technical Indicators Maintain Bullish Bias
At press time, ETH is trading at $4,153.07, marking a 3.58% gain for the day. The price ranged from a low of $4,006.63 to a high of $4,200.00, edging close to the Fibonacci 0% extension at $4,218.28. This rally follows a recovery from $3,354.28, the Fibonacci 1 level, after stabilizing near $3,539.18 (0.786) in early August.
The 9-day EMA stands at $3,832.82 and continues to climb, showing short-term bullish control. Trading well above this level confirms strong buyer dominance. A break above the 0.236 Fibonacci retracement at $4,014.37 suggests momentum toward $4,218.28, with potential to reach the $4,300–$4,400 range.
The MACD main line is at 193.85, above the signal line at 185.49, with a positive histogram of 8.35. This, combined with a pattern of higher highs and higher lows since July, supports an ongoing uptrend. A fall below $4,014.37 could trigger a pullback to $3,786.28 (0.5).
Related: Vitalik Wants Sub-1-Hour Ethereum Withdrawals With ZK Tech
Whale Activity Drives Recent Gains
Analyst Ali Charts reported on X that wallets holding between 10,000 and 100,000 ETH bought more than 1.80 million ETH in the past month. Data shows whale holdings rising from mid-July, with the price climbing from about $2,950 to over $3,770 during the same period.
From January to early April, whale balances remained flat, and prices reflected that lack of movement. Accumulation began mid-April, accelerating sharply in July. This coordinated buying drove Ethereum to its highest levels in months, with whales still active in the market.
Institutional flows also add strength. Ethereum-based ETFs have seen $9.82 billion in inflows as of August 8. Furthermore, the SEC’s possible approval of staking-enabled Ethereum ETFs could draw further capital, offering yield-based exposure to the asset.
