Key takeaways:

  • Ethereum whales bought 260,000 ETH in the last 24 hours, signaling accumulation.

  • Whales, BitMine and ETFs add billions of dollars in ETH, reinforcing bullish demand.

  • Price technicals favor the bulls with targets between $5,000 and $6,000.


Despite the price drawdown, whales keep buying hundreds of thousands of ETH, igniting hopes of Ether’s possible return to all-time highs.

Ethereum whales buy the dip

Responding to the market correction over the last week, Ether (ETH) whales took advantage of the drop to $4,200.

Data from Santiment shows that whale addresses holding between 10,000 and 100,000 ETH rose by 4% between Aug. 24 and Tuesday. Moreover, these big investors have accumulated about 260,000 ETH worth $1.14 billion in the past 24 hours.

Total addresses holding between 10K and 100K ETH. Source: Santiment

This underscores the confidence these large investors have in the future prospects of ETH, despite its latest price correction.

Related: Ether could see the ‘biggest bear trap’ this month: Analysts

As Cointelegraph reported, Bitcoin (BTC) whales rotating billions of dollars into Ether is a continuing trend. 

On Monday, a whale holding $5 billion worth of BTC bought and staked $1.08 billion of ETH via Hyperunit, data resource Arkham Intelligence revealed in a post on X, adding: 

“Including last week’s purchases, this whale has now bought and staked $3.5 billion of ETH in total.”
Ethereum whale transaction history. Source: Arkham Intelligence

These moves coincide with BitMine’s continued push into Ethereum. Over the past week, the company added $354.6 million in Ether, pushing its total holdings to 1.71 million ETH (valued at about $8 billion), making it the largest corporate holder of ETH and the second-largest crypto treasury behind Strategy. 

Global Ethereum investment products attracted more than $1.4 billion in inflows last week, while spot Ethereum ETFs saw $1.4 billion in inflows between Aug. 25 and Friday. 

This strengthens the narrative that Wall Street views the recent ETH price drawdown as a good entry opportunity.

Can ETH price recover to $5,000?

Data from Cointelegraph Markets Pro and TradingView shows ETH trading inside a symmetrical triangle in the four-hour time frame, as shown in the chart below.

The price must close above the triangle’s upper trendline at $4,440 to confirm a bullish breakout. Note that this is where the 50-period simple moving average (SMA) and the 100 SMA converge.

Above this level, the price faces resistance between $4,800 and a $4,950 all-time high, which, if broken, can climb quickly to the measured target of $5,249. 

Such a move would bring the total gains to 20% from the current level.

ETH/USD daily chart. Source: Cointelegraph/TradingView

Popular analyst CryptoGoos says Ether’s macro structure remains strong, with the altcoin’s breakout from a falling wedge still in play on the weekly chart.

The measured target of the falling wedge was $6,100, as shown in the chart below.

“Don’t sell your $ETH too early!” the analyst told followers in an X post on Tuesday. 

ETH/USD weekly chart. Source: CryptoGoos

Other metrics also suggest that Ethereum’s bull cycle is not over, with several technical setups projecting that ETH’s price could climb toward $10,000-$20,000 in the coming months.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.