Ethereum Price Rally Driven by Institutional Money and Whale Accumulation
Ethereum's price has been steadily increasing over the past week, reaching $1,923 and showing approximately 1% gains over the past 24 hours. The asset has maintained an upward trajectory within an ascending channel throughout August.
The Ethereum ETF saw a significant influx of institutional money, with weekly inflows reaching $244.94 million, marking the strongest week in almost four months. This surge in investment is likely to contribute to further price growth.
A major whale purchased 80,000 ETH valued at $152 million, driving the Whale Sentiment Index up to 66. However, not all whales are bullish, as one long-term holder offloaded 7,323 ETH for $13.96 million, crystallizing a $6 million loss.
The TD Sequential buy signals on Ethereum's monthly chart have sparked optimism among analysts. Market analyst Ali Charts pointed out that every TD Sequential signal on the monthly chart over the past four years has precisely identified ETH's trend direction, with past signals correctly forecasting a -75% decline in April 2022 and a +236% surge in September 2022.
With the U.S. Senate initiating the first voting round on the CLARITY Act, there is potential for further legislative support for Ethereum. A confirmed breakout above $1,920 could establish a trajectory toward the 200-day EMA positioned at $2,147 and eventually bring the psychologically significant $2,000 mark into focus.