Ethereum Price Stuck Below Key Resistance Amid Whale Accumulation

Ethereum's price remains below the major technical resistance of $1,930 despite steady institutional buying and whale accumulation. The cryptocurrency is trading near $1,850-$1,890, struggling to hold above its 100-day Exponential Moving Average (EMA).

Recent data from SoSoValue shows that Ethereum spot ETFs recorded more than $60 million in daily inflows on August 5, with BlackRock's ETHA and ETHB leading the charge. The influx of institutional capital is a positive sign for the cryptocurrency, but it may not be enough to overcome the technical resistance.

The Relative Strength Index (RSI) is hovering around the mid-50s, indicating neutral momentum. However, the 20-day EMA, 50-day EMA, and the 0.382 Fibonacci retracement are converging between $1,837 and $1,872, forming an immediate support band.

Whales continue to accumulate Ethereum despite short-term price weakness. One whale deposited 19,000 ETH from Gemini into staking and accumulated 112,000 ETH in the past three weeks. Another wallet has been buying up nearly 79,216 ETH since late June at an average purchase price of $1,777.