Ethereum has once again fallen into the spotlight after hitting a multi-year high of over $4,790 just to retreat towards critical demand levels. The move highlights ongoing volatility as the Bulls remain patient, waiting for a breakout above the $4,900 level. While the retracement may seem like a pause, the market structure still supports strength, with higher lower values forming and momentum moving towards accumulation.
What makes the current setup even more appealing is the surge in whale activity. Arkham Intelligence Data has revealed that in the last 24 hours, three new whale addresses have collectively purchased ETH worth $279.5 million. These transactions highlight trust from deep pocket players at the moment Ethereum integrates below critical resistance. Such a massive accumulation usually shows further upside down hopes in line with growing optimism that ETH could soon break down on the historic ceiling.
With supply to exchanges continuing to decline and institutional demand increasing, Ethereum’s next move will bring weight to the broader altcoin market. The convergence of whale accumulation and technical resilience suggests that Ethereum may be on a crisis at another stage of explosion, which is why traders and investors look closely.
The accumulation of Ethereum whales deepens as Bitmine expands its holdings
Ethereum’s bullish narrative continues to be strengthened as whales’ activity accelerates. Arkham’s AI links the latest wave of ETH purchases to Bitmine, raising questions about whether strategist Tom Lee is doubling his exposure to Ethereum. Bitmine’s total ETH holdings are an astounding 1.174 billion ETH, worth around $5.26 billion at its current price.
The scale of this accumulation puts Bitmine among the most influential players in the Ethereum ecosystem, and its wallet activity is currently comparing its major institutional participants. The timing of these purchases is particularly important, arriving as ETH merges just below the $4,900 mark, with the Bulls carefully watching a breakout into unknown price territory.
Furthermore, this accumulation trend is consistent with movements from companies such as Sharplink Gaming. The shift emphasizes a wider pattern. Institutional actors view ETH as a long-term strategic asset, not just a speculative play.
Adding more fuel to the bullish outlook means Exchange Supply is drying out while Enthereum is running out of OTC desk reports. This supply narrowing portends historically major gatherings as demand from whales and agencies collides with reduced availability. If these dynamics persist, Ethereum may still be in one of its most explosive stages, and whales’ behavior serves as the clearest signal of confidence.
ETH holds $4,400 after a sharp decline
Ethereum’s four-hour chart highlights a healthy pullback from its recent peak at nearly $4,790, with prices currently consolidated around $4,414. This decline comes after a strong multi-week gathering. This suggests that this move is more like a cooldown phase than a complete trend reversal.
The $4,407 50th SMA is now serving as immediate support, making this level an important short-term battlefield. If the Bulls can defend it, momentum quickly reverts to the $4,600-4,800 resistance area, with ETH recently being rejected. A confirmed breakout of over $4,900 tests bullish strength and sets the best, freshest, best stage.
On the downside, 100-SMA ($4,025) and 200-SMA ($3,822) remain deeper support zones that can absorb stronger sales pressure if the $4,400 area fails. Importantly, trading volumes show heavy activity during the meeting, followed by reduced participation during retrace, meaning sellers are out of complete control.
Overall, Ethereum is on the upward trend, but the current integration will determine the next leg. Holding over $4,400 will control the bull, but the drop below may trigger a short-term fix before the uptrend resumes. This will make the next session important towards the ETH trajectory.
Dall-E special images, TradingView chart
