- Over $3.16 billion in Ethereum was acquired by 14 new whale wallets within two days, signaling significant accumulation activity.
- Institutional ETH reserves have surged from under $3B to over $10.8B since June, reflecting expanding long-term interest.
- Ethereum faces near-term resistance at $3,800 as ETF outflows and macroeconomic headwinds cap upward momentum.
Ethereum surged to $3,730 earlier on August 5 before settling around $3,650, reflecting a 5.7 percent intraday increase. This climb, which positions the asset 148% above its year-to-date low, comes after a failed breakout attempt near $4,000 in late July. That move was halted by broader macroeconomic pressures and reduced total value locked in the Ethereum ecosystem.
Lookonchain data on the last two days indicates that 14 new whale wallets made purchases of about 856,000 ETH worth almost 3.16 billion dollars in total. In particular, five wallets alone bought more than 100,000 ETH between August 4 and 5. It is the increased accumulation that indicates an increasing interest on the part of large-scale investors, perhaps in anticipation of a subsequent price recovery.
Institutional involvement grows alongside treasury allocations
Institutional appetite for Ethereum is also gaining traction. The Strategic Ethereum Reserve (SER), which tracks ETH holdings across funds and treasuries, has expanded its assets under management from under $3 billion in June to over $10.8 billion. The SER now controls 2.45 percent of Ethereum’s total supply. One notable contributor, SharpLink, added 18,680 ETH to its holdings on August 4, worth approximately $66.63 million, reinforcing Ethereum’s appeal to corporate treasuries.
Although powerful inflows are following whales and institutions, Ethereum is still experiencing resistance in the range of 3800 to 3900. But traditional investors seemed cautious, as Ethereum-based ETFs had outflows of 129 million last week. This conservative attitude is being supported by the more general economic issues, such as the continuing trade problems and an element of uncertainty within the labor market.
Ethereum is, with the help of CoinGlass data, almost on the brink of a busy band of liquidity levels at $3,620 and 3,660. A decrease in prices would trigger a liquidation cascade in the event we break to the range that would put Ethereum in a lower support level around the $3,580 or the $3,540 level. Nevertheless, continued purchases and support for preservation can give indications of forcing the market near liquidation goals, almost above the $3,730.
