Ethereum Rallies Above $3,700 on Whale Buying, Eyes $3,800
Ethereum rallied above $3,700 on August 5 as 14 new whale wallets and institutional investors bought over 856,000 ETH ($3.16 bn), while the Strategic Ethereum Reserve’s AUM jumped to $10.8 bn (2.45% of supply) in six weeks, with SharpLink adding 18,680 ETH. Despite this strong inflow, Ethereum faces resistance at $3,800–$3,900 amid $129 m ETF outflows and macroeconomic uncertainty. Key support lies at $3,650 (floor $3,620–$3,660), with a drop below risking short liquidations and dips to $3,580–$3,540. Holding above could trigger a rebound to $3,730–$3,780; a clear break above $3,800 may pave the way to $4,000. Traders remain cautious, but whale and institutional accumulation signals growing bullish momentum.
Bullish
The surge in whale and institutional buying of over 856,000 ETH and a jump in the Strategic Ethereum Reserve’s AUM to $10.8 bn indicate strong conviction among large holders, creating upward price pressure. Although $129 m in ETF outflows and macro uncertainty present short-term hurdles, the critical support at $3,650 has held, reducing downside risk. A clear break above the $3,800–$3,900 resistance could trigger further gains toward $4,000. Overall, these inflows and technical dynamics suggest a bullish outlook for Ethereum in both the short and medium term.