Recent events in the cryptocurrency ecosystem have drawn attention to Ethereum following a $105.5 million transfer to wallet 0x18A for staking. This event has sparked interest in institutional accumulation strategies surrounding Ethereum.
Major ETH Purchase and Its Consequences
Ethereum price began to rise after a significant purchase of $105.5 million worth of ETH over the weekend. Wallet 0x18A conducted several transactions totaling over 30,000 altcoins, all of which were staked via Figment. Each transaction ranged between $9 million and $11 million, taking place over a 48-hour period.
According to Arkham Intelligence, this address received altcoins from Galaxy Digital, and the staking activity did not coincide with exchange movements, reinforcing that the ETH was intended for validator deposits rather than short-term trades.
Institutional Ethereum Accumulation Strategies
According to Arkham, SharpLink Gaming's assets are part of a broader strategy focused on altcoin staking and yield optimization. Recent inflows have been observed on Coinbase Prime and Galaxy Digital. The period from July 31 to August 2 saw a surge in the ETH balance at wallet 0x18A, coinciding with confirmed transactions from intermediary wallets associated with Anchorage Digital. The token balance history of SharpLink shows a clear upward trend through July and early August, which also had implications for altcoin prices.
Technical Analysis and Future Prospects of ETH
From a technical standpoint, ETH's price trend over the past week reflected a recovery pattern similar to what was observed in late June. Analysts noted that the recent correction to $3,400 was akin to the early June correction around $2,100, which concluded with a sharp rebound. The current price structure displayed a clear breakdown-shakeout-rebound sequence, indicating potential retesting of the $3,900 level by mid-August. However, resistance at $3,700 remains critical, and breaking above it would confirm a larger continuation pattern.
The significant purchases of Ethereum and growing institutional interest are creating a solid foundation for the potential upward movement of ETH price. Stability at the $3,500 level and any further movements will reflect market sentiment.
