Ethereum Whales Add 550K ETH as Price Jumps 6% to Defend $4,100 Support
ETH up 6% today, bouncing back from 2 days of losses and above $4,100 support. Short liquidations over $100m...
Quick overview
- ETH has increased by 6% today, recovering from two days of losses and maintaining support above $4,100.
- Large investors accumulated approximately 550,000 ETH last week, while smaller investors sold around 380,000 ETH for over $4 billion in profits.
- The market correction followed a hot inflation report and anticipation of Fed Chair Powell's speech, leading to profit-taking by retail traders.
- If ETH breaks the $4,500 resistance, it could potentially retest its all-time high near $4,868, confirming a bullish trend.
ETH up 6% today, bouncing back from 2 days of losses and above $4,100 support. Short liquidations over $100m in 24 hours according to Coinglass.
Large investors were key to this recovery. Wallets holding 10,000-100,000 ETH added ~550,000 ETH in the last week despite 10% price drop. Smaller investors sold ~380,000 ETH and made over $4b in profits according to Santiment.
This is a common theme: retail traders take profits during uncertainty, whales buy the dip.
Profit-Taking Meets Institutional Buying
ETH corrected last week after hot inflation report and ahead of Powell’s Jackson Hole speech. Analysts said it was short term caution not structural weakness.
“After such a big pump the market was more tired and conservative so taking profits before a big Fed speech isn’t surprising” said Nicolai Sondergaard, Research Analyst at Nansen.
Whales were active too. Digital asset treasuries (DATs) have been accumulating ETH during the correction. Data from StrategicETHReserve.xyz shows firms like BitMine Immersion and SharpLink Gaming bought 520,000 ETH last week.
Key takeaways:
- Whale wallets: +550,000 ETH
- Retail wallets: -380,000 ETH, $4B in profits
- DATs: +520,000 ETH during correction
Ethereum Price Outlook: $4,500 in Sight
ETH is back to bullish. RSI and Stoch are above neutral. If ETH holds and breaks $4,500 resistance it could retest all time high near $4,868. Above that would confirm the bullish pennant and extend the multi month uptrend. But for now, macro risks and whales.
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