Ethereum Bulls Eye $2K as Institutional Money Floods In
Ethereum's price has been on an upward trajectory in August, with key figures pointing to institutional money and whale accumulation driving the push towards $2,000.
The latest data shows that weekly Ethereum ETF inflows reached $244.94 million, marking the strongest week in almost four months. The total cumulative net inflows have climbed to $11.46 billion, while weekly trading volume touched $2.38 billion.
Major whales purchased 80,000 ETH valued at $152 million, driving the Whale Sentiment Index up to 66. This indicates substantial accumulation by major holders, but not every whale is maintaining a bullish position. One long-term holder offloaded 7,323 ETH for $13.96 million, crystallizing a $6 million loss.
A market analyst pointed out that Ethereum's monthly chart generated two TD Sequential buy signals in the prior month, a black 9 and an S13. These signals might catalyze a fresh rally toward $3,000 if history repeats.