Ethereum Tops $4K as Whales Accumulate $667M
Ethereum topped $4,000 for the first time in weeks as major whale wallets accumulated $667 million in ETH via OTC desks across four days, per on-chain data from Lookonchain and CryptoQuant. This surge sparked the largest ETH short liquidation in months, underpinned by strong bullish momentum: RSI climbed above 72 and the MACD histogram expanded on daily charts. The event pushed ETH to close at $4,196 at press time, cementing bullish market sentiment.
Ethereum’s circulating supply has surpassed 121 million ETH, offset by over 36.18 million ETH locked in staking, which continues to influence ETH’s inflation profile. The intense whale accumulation suggests strategic long-term positioning, reinforcing a bullish outlook, though traders should watch for potential profit-taking and pullbacks at these elevated price levels.
Bullish
Ethereum’s leap past $4,000 driven by $667 million in whale purchases signals a bullish shift in market dynamics. Large OTC inflows and resulting short liquidations mirror historic events, such as the January 2021 whale-driven rallies, which sparked sustained uptrends and FOMO among retail traders. Key indicators, including RSI above 72 and an expanding MACD histogram, confirm strong buying pressure. Additionally, the milestone of over 121 million ETH in circulation, balanced by 36 million ETH in staking, underscores robust network demand. In the short term, continued whale accumulation may fuel further spikes, though traders should guard against profit-taking and minor pullbacks. Long-term, the strategic nature of these purchases suggests confidence in Ethereum’s fundamentals—staking yields, EIP-1559 dynamics, and DeFi growth—supporting a continued uptrend. Overall, this news reinforces a bullish outlook, anticipating positive momentum for ETH prices.