- Ethereum shows a bullish reversal as large holders resume accumulating, hinting at a market shift.
- Mid-sized holders added around 411,000 ETH, signaling renewed investor confidence.
- A breakout above the bearish trendline could trigger further upside soon.
Ethereum has shown signs of renewed momentum after recent activity from its largest holders. While some whales have paused, others have returned to accumulating ETH, suggesting a possible shift in market direction. Analysts note that the ETH is nearing key levels, and a breakout could start a stronger uptrend.
At the time of writing, Ethereum is trading at $4,439.08, with a 24-hour trading volume of $63.71 billion and a market cap of $529.30 billion. The ETH price has increased by 1.52% over the last 24 hours.
Ethereum Whale Activity Signals Market Moves
Data from Glassnode shows notable activity among Ethereum’s whales in August. Whales, holding over 10,000 ETH, contributed significantly to the recent price surge, with net inflows totaling around 2.2 million ETH over 30 days. However, this group has now paused accumulation.
In contrast, large whales holding between 1,000 and 10,000 ETH, who had been reducing their holdings in previous weeks, have resumed accumulating, adding roughly 411,000 ETH over the past month.
Ethereum Poised for Bullish Reversal
A popular crypto analyst, BATMAN, highlighted a potential change in Ethereum’s short-term trend. “While I had expected ETH to decline slightly, recent chart action shows something else,” he noted. ETH is forming a bullish divergence and trading above a large bullish order block.
According to the analyst, a breakout of the current bearish trendline would signal a reversal and potentially trigger further rallies. Investors and enthusiasts will be closely watching ETH in the coming days to see if these signs translate into a sustained upward move.
Also Read | SharpLink Adds $177 Million in Ethereum, Total ETH Stash Nears $3.6B
Ethereum Weekly Chart Shows Strength Ahead
The Relative Strength Index (RSI) is at 52.74, with the signal line at 45.08, showing ETH is gaining steady momentum. This level suggests the market is neither overbought nor oversold, giving ETH room for further growth. Buyers seem to be gradually taking control, pointing toward healthier sentiment. The weekly chart shows a stable setup.
Looking at the MACD, the blue line is at 80.86, while the signal line is at -55.29, and the histogram shows positive momentum. This positive crossover highlights that ETH’s trend can improve further. With the MACD firmly above the baseline, the upside potential looks strong.
Also Read | Ethereum (ETH) Eyes $4,450 Breakout While Downside Targets Stay At $3,700
