Ethereum Whales Dey Withdraw Supply, Dem Dey Push ETH Toward $4K
Ethereum whales plus institutional buyers don push am make e break pass $4,100 sharply, confirm say e breakout from one descending broadening wedge for weekly level. US spot ETH ETFs carry record say dem flow $727 million for middle of July. On-chain data show say exchange reserves dey drop reach 19.7 million ETH, na lowest since beginning of July. Net spot inflows of $70 million don move ETH enter private wallets, show say accumulation dey increase. Ethereum whales dey increase bullish activities. Aguila Trade don close e short position and open $128 million long, now e dey show $0.6 million unrealized profit. Another wallet withdraw 13,244 ETH (~$49.5M) comot from OKX go private storage. Dis moves mean say sell pressure dey reduce and supply squeeze dey come. Technically, ETH dey trade above key moving averages inside one upward channel. Elliott Wave analysis put Ethereum for Wave V, e support possible rally go reach $7,200 and even $10,000 for longer time. Short-term target dey from $6,700 to $7,200. Traders suppose dey watch for steady volume, more ETF inflows, and success retest for $4,100 level to confirm say momentum go continue to dey up.
Bullish
Di combined news say Ethereum don break pass $4,100, strong ETF inflows, plus beta big whale activity dey make ETH look like e go rise well well. For short term, the weekly breakout plus how whales dey collect reduce how people go sell plus e dey support quick rally go $4K and above. The way private wallets dey get more net inflows and how exchange reserves dey drop mean supply dey tight, this fit make price move waka higher if demand still strong. For long term, the technical analysis like ascending channel and the Elliott Wave V sign dey show say Ethereum fit target $7,200 and fit cross $10,000. The adoption by institutions through spot ETH ETFs dey give strong demand base plus Layer 2 scaling solutions dey make network better. Together, all these things dey support continuous upward momentum for Ethereum.