TLDR
- Ethereum whales accumulated over 150,000 ETH worth $560 million in just four days through major purchases
- Bitwise CIO says ETH demand from ETFs and treasuries is 32 times higher than new token supply since mid-May
- ETH price trades around $3,620 after gaining over 160% in three months, facing resistance at $3,800
- Technical analysis shows Ethereum testing upper boundary of multi-year triangle pattern with potential breakout to $5,200
- ETH ETFs recorded $296.5 million in net inflows on Tuesday, marking 12 straight days of positive flows
Ethereum price has captured attention as major whale accumulation coincides with predictions of a supply-driven rally. The second-largest cryptocurrency trades near $3,620 after months of strong performance.
Recent whale activity shows massive institutional interest. A newly created wallet accumulated 33,644 ETH worth $125.73 million through FalconX in 24 hours. This whale’s total holdings reached 105,977 ETH valued at $397 million over four days.
Another crypto wallet purchased 32,640 ETH worth $122.18 million through over-the-counter deals. The wallet now holds 43,787 ETH worth $163 million after four trading days of accumulation.
Publicly listed SharpLink Gaming purchased 79,949 ETH last week. The company, known as the “MicroStrategy of Ethereum,” now holds 360,807 ETH. This represents a 29% increase from the previous week.
Companies like BitMine, Bit Digital, and SharpLink Gaming added over 840,000 ETH to their reserves. This corporate accumulation signals strong long-term conviction in Ethereum’s prospects.
Supply Shortage Drives Bullish Outlook
Bitwise CIO Matt Hougan highlighted Ethereum’s supply dynamics. ETH ETFs and treasury firms acquired over 2.83 million ETH since mid-May. This represents 32 times more than newly issued ETH in the same period.
The Ethereum Demand Shock
A thread on why ETH's price is rising and why it will continue to rise in the months ahead.
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— Matt Hougan (@Matt_Hougan) July 22, 2025
Hougan estimates institutional entities could add $20 billion worth of ETH over the next year. This would be seven times more than expected ETH issuance. The supply shortage creates favorable conditions for price appreciation.
Ethereum ETFs continue showing strong momentum. ETH ETFs saw $296.5 million in net inflows on Tuesday alone. This marked 12 straight days of positive flows into these investment vehicles.
The funds channel institutional capital into Ethereum. They provide regulated exposure for traditional investors seeking cryptocurrency exposure.
Technical Patterns Point to Breakout
Ethereum currently challenges the $3,850 to $4,100 resistance zone. This represents the upper boundary of a multi-year symmetrical triangle pattern dating back to late 2021.
A decisive weekly close above $4,100 would signal a breakout. Technical analysts suggest this could open the door to $5,200 in coming months.
The parabolic SAR indicator flipped bullish on the weekly timeframe. Ethereum’s price reclaim of the $2,300 ascending trendline provided the base for sustained climbing.
However, failure to break above $4,100 could result in pullback toward $2,800 or $2,300. This would maintain the triangle pattern’s hold on Ethereum’s structure.
Current support levels lie at $3,650 based on recent trading action. A breakdown below this level could push prices 8% lower to $3,300.
Derivatives data shows bullish sentiment among traders. ETH options open interest rose to $14.07 billion. The long-to-short ratio among Binance’s top traders stands at 2.57.
Over $175 million in liquidations occurred in the past day. Most came from short positions as bullish momentum eliminated bearish bets.
Trading volume reached $155.11 billion with a 15.25% increase over 24 hours. However, some metrics show participation declining as ETH consolidates near resistance.
The Relative Strength Index and Stochastic Oscillator suggest short-term exhaustion but not trend reversal. Ethereum gained over 50% in the past month and more than 150% since April lows.
Major liquidation levels show $589.17 million worth of short positions at $3,768.9. This creates strong resistance as traders bet against further upside.
