Ethereum (ETH) Price Rally: Institutional Money and Whale Accumulation Drive Push to $2,000

Key Highlights

• Weekly Ethereum ETF inflows reached $244.94 million, marking the strongest week in almost four months
• Major whales purchased 80,000 ETH valued at $152 million, driving the Whale Sentiment Index up to 66
• ETH currently trades around $1,923 and needs to breach $1,920 resistance to reach $1,960 and eventually $2,000
• A veteran whale liquidated 7,323 ETH, taking a $6 million loss after holding since 2022
• The U.S. Senate initiated the first voting round on the CLARITY Act, potentially advancing to a September vote

Ethereum is currently changing hands near $1,923, showing approximately 1% gains over the past 24 hours. After bouncing from $1,820 the previous week, the asset has maintained an upward trajectory within an ascending channel throughout August.

Ethereum (ETH) Price

Spot Ethereum ETFs registered $244.94 million in weekly net inflows, representing the most robust performance in nearly four months. Total cumulative net inflows have climbed to $11.46 billion, while weekly trading volume touched $2.38 billion.

Market analyst Ted (@TedPillows) drew attention to these figures on X, stating: “$ETH ETFs bought $244,940,000 in Ethereum this week. Largest weekly inflow in almost 4 months.” These metrics indicate revitalized institutional appetite following subdued activity earlier this year.

The positive trend in weekly inflows had been developing progressively. Inflows recorded $105.44 million on July 17 and $103.90 million on July 24 before gaining additional momentum in August.

Meanwhile, Bitcoin ETFs captured $98.85 million in net inflows on August 7, marking the fifth consecutive day of positive flows. Spot Ethereum ETFs contributed $49.60 million on that date, maintaining their four-session positive streak.

Major Whale Accumulation Strengthens Market

Two significant wallets acquired 80,000 ETH with a combined value of $152 million. The first whale withdrew 30,000 ETH valued at $57.21 million from Coinbase Prime, distributing the holdings across three newly created wallets. The second whale secured 50,000 ETH worth $95.73 million from a wallet associated with Fidelity.

Source: Onchainlens

The Ethereum Whale Sentiment Index maintained readings above 60 for two consecutive days and has remained above 50 for six straight sessions. The index currently registers near 66, indicating substantial accumulation by major holders.

However, not every whale is maintaining bullish positions. One long-term holder offloaded 7,323 ETH for $13.96 million, crystallizing a $6 million loss. This wallet had accumulated ETH between February 2022 and March 2023, with an average acquisition price of $2,723.

Market analyst Ali Charts (@alicharts) observed on X that Ethereum’s monthly chart generated two TD Sequential buy signals in the prior month — a black 9 and an S13. He emphasized that every TD Sequential signal on the monthly timeframe over the last four years has precisely identified ETH’s trend direction, with past signals correctly forecasting a -75% decline in April 2022 and a +236% surge in September 2022. He indicated these signals might catalyze a fresh rally toward $3,000 if history repeats.

Critical Price Levels and Technical Outlook

ETH’s RSI currently stands at 61.03, positioned in bullish territory without entering overbought conditions. The MACD line at 10.31 trades marginally above the 9.85 signal line, accompanied by a positive histogram value of 0.46.

ETH is currently trading above both its 20-day and 50-day moving averages while testing the 100-day moving average. Successfully breaching this level could establish a trajectory toward the 200-day EMA positioned at $2,147.

A confirmed breakout above $1,920 brings $1,960 into immediate focus, with the psychologically significant $2,000 mark as the subsequent target. Should ETH face rejection at $1,920, initial support emerges at $1,880, with $1,860 serving as secondary support.

On August 8, the U.S. Senate commenced the initial voting phase for the CLARITY Act. The legislation requires securing a 60-vote threshold before potentially advancing to a September floor vote.

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