Ethereum Stuck Below $1,930 Resistance Amidst Institutional Buying
Ethereum's price has been struggling to break through the $1,930 resistance level, despite steady institutional buying and whale accumulation. According to SoSoValue, Ethereum spot ETFs recorded a net inflow of $60.8576 million on August 5, led by BlackRock's ETHA with a single-day net inflow of $50.3442 million.
The Morgan Stanley ETF for the real estate sector, MSSE, saw its first inflow, indicating increased institutional participation. However, derivatives sentiment has become more cautious, with the Net Taker Volume shifting to the negative zone and the Taker Buy-Sell Ratio dropping below 1.
Whales are still buying, however, with one whale accumulating nearly 79,216 ETH since late June at an average purchase price of $1,777. Staking revenue from BitMine Immersion Technologies' staked holdings is estimated to be approximately $247 million a year.