Ethereum, the second-largest cryptocurrency by market cap, has seen a rise above $3,700 fueled by significant accumulation from large investors and whales. An analysis of recent trends reveals heightened interest from major market players.
Ethereum's Recent Surge and Current Status
On August 5, Ethereum increased by 5.7%, reaching a high of $3,730 before settling at $3,650, which is 148% above its year-to-date low.
Whale Activity and Institutional Inflows
In recent days, there has been a noticeable increase in the number of wallets holding over 10,000 ETH, indicating accumulation by large holders. Two newly created addresses recently acquired nearly 40,000 ETH for approximately $142 million. In total, new wallets have accumulated over 856,000 ETH worth nearly $3.16 billion.
Future Expectations for Ethereum
Despite recognition from whales and institutional investors, Ethereum struggles to break through resistance at $3,800–$3,900. Recent outflows from Ethereum-focused funds indicate hesitance among mainstream investors, leaving risk factors prevalent in the market.
Ethereum continues to face pressure from macroeconomic factors and a lack of investor confidence. The observed activity from major players may indicate positive changes ahead, but short-term risks remain.
