- Ethereum holds key support as whales boost large-scale accumulation activity.
- Market awaits Fed decision while institutional interest in ETH rises.
- Analysts eye $4,220 and $5,140 if support remains strong.
Ethereum is trading at $3,749 after pulling back from a recent high of $3,941 reached on July 28. The price movement comes amid a broader market decline as investors await the Federal Reserve’s next interest rate announcement.
The digital asset approached the $4,000 mark before facing resistance and entering a consolidation phase. Analysts consider the price level to be stable and the paramount assistance zone to be 3000USD. Crypto analyst Ali believes that under the given condition, Ethereum can reach a higher price of $4,220 or even $5140 via MVRV Pricing Bands.
In addition to the price analysis, On-chain data indicates that large holders are accumulating. According to lookonchain, the wallet with the label of 0x3dF3 has been able to accept 12,000 ETH valued at $45 million by the OTC desk of Galaxy Digital. This is the continuation of a bigger trend that started at the beginning of July.
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Whale Activity Signals Growing Confidence in Ethereum’s Price Outlook
Since July 9, nine new wallets have acquired a combined total of 640,646 ETH, currently valued at $2.43 billion. One of these wallets, identified as “0x4352,” withdrew 20,000 ETH worth $75.56 million from Binance. Ali mentions that top Ethereum whales had bought more than 220,000 ETH, or $840 million, in this phase of accumulation.
In addition, Glassnode reveals that the +1 sigma Active Realized Price band located at $4,500 is one of the critical resistance levels. This level previously served as a ceiling in earlier rallies, such as that of March 2024, the 2020-2021 cycle, and so on. A breakout above this threshold typically signals increased market excitement but also raises the risk of price instability.
In the meantime, further institutional interest is evident as BlackRock’s Ethereum ETF, ETHA, has grown both in size and in the amount of ETH it controls, now owning over three million ETH. The ETF purchased 1.25 million ETH since it began its purchasing process in July and is now trading at a value of $11.36 billion.
Ethereum maintains support above $3,700 as whale and institutional accumulation intensifies. The market remains steady while anticipating the Federal Reserve’s upcoming rate decision, which could influence the asset’s next significant move.
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