Ethereum is trading at $1,887.04 with a 24-hour volume of $8.05 billion and a market capitalization of $227.73 billion. The digital asset is currently holding a crucial support band between $1,720 and $1,780, which analysts have identified as pivotal for maintaining its current bullish momentum.
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AAPLKey support and resistance levels
Technical analyst Nehal described the $1,720 to $1,780 region as a major accumulation zone, emphasizing that active demand in this area is supporting the price. Maintaining this range could set the stage for a potential recovery, with the next significant resistance level seen at $1,875.
Nehal noted that if Ethereum breaks through $1,875 on high volume, the price could rise toward $2,200. However, a loss of the $1,720–$1,780 support would weaken the current outlook and might trigger further downside risk.
Another analyst, Ted Pillows, commented that Ethereum has recently swept equal lows while showing signs of bullish divergence in its relative strength index (RSI). Ted suggested there is a reasonable possibility that ETH has established a local bottom, but warned of a potential drop to the $1,600–$1,700 area before any sustained move higher.
Analyst Ted Pillows highlighted that Ethereum is showing signs of a potential bottom, though the price could still dip to the $1,600–$1,700 range before any long-term recovery materializes.
Major whale accumulates $170 million in Ethereum
Blockchain tracker Lookonchain has identified a large investor, commonly referred to as a “whale,” linked to wallet 0x2d59. This wallet purchased 50,000 ETH worth approximately $93.6 million and staked the entire amount. This transaction followed the acquisition of another 40,000 ETH, valued at around $76.66 million, just a week prior, bringing the total to 90,000 ETH or about $170 million in recent accumulation.
The rapid staking of the newly acquired ETH suggests the whale is focused on long-term gains rather than short-term profit-taking, reflecting significant confidence in the asset’s future potential.
Lookonchain’s data shows that in the span of just one week, a single investor not only acquired massive amounts of ETH but also staked the full amount, signaling strong conviction in Ethereum’s long-term prospects.
Mini dictionary: Whale, a term used to describe an individual or entity that holds large amounts of a cryptocurrency, with the capacity to influence market prices through significant transactions.
ETF outflows and rising sell pressure
Despite this accumulation by large holders, broader market trends point to ongoing distribution pressure. CryptoQuant reported an increase in Ethereum deposits to exchanges throughout August, as measured by the Exchange Netflow metric. This uptrend is often regarded as a bearish sign, indicating that more holders are moving coins to platforms where they can sell them.
On August 10, the metric spiked again, coinciding with a 3% price decline that pushed ETH from $1,920 to $1,875.
| Date | ETH ETF Net Flows | ETH Price Movement |
|---|---|---|
| August 10 | -$14.59 million | $1,920 → $1,875 (down 3%) |
U.S. spot Ethereum ETFs recorded $14.59 million in net outflows on the same day, extending a negative trend for the fourth consecutive session.
In the derivatives market, institutions have been observed taking positions that target $2,000 upside by late August or September. At the same time, other traders have safeguarded portfolios by hedging at the $1,700 and $1,650 levels, indicating a degree of uncertainty about near-term price direction.
Traders are now looking ahead to Wednesday, when the United States Consumer Price Index (CPI) inflation report is set for release. Soft inflation data could lead to renewed speculation about rate cuts by the Federal Reserve, lifting ETH closer to $1,900 or above. Conversely, stronger-than-expected CPI could push prices back toward the $1,800 support region or lower.
