Ethereum Whale Buying Spree Fuels Recovery to $1,923

Ethereum's price has been recovering from its dip to $1,820 last week, and it has been trading within an ascending channel throughout August. The altcoin currently trades near $1,923, up 1.01% over the past 24 hours.

Renewed whale activity is supporting this recovery, with two whales accumulating a total of 80,000 ETH worth $152 million. One whale withdrew 30,000 ETH from Coinbase Prime and distributed it across three new wallets, while another acquired 50,000 ETH from a Fidelity-linked wallet and moved 36,530 ETH to a new address.

The Ethereum Whale Sentiment Index has been above 60 for two days and remains above 50 for six consecutive days, signaling heavy buying among large holders. This index is currently near 66.

However, one older whale sold $ETH after holding the asset for more than three years, realizing a $6 million loss. The wallet had bought ETH at an average price of $2,723 during February 2022 and March 2023 and staked its holdings before selling 7,323 ETH for $13.96 million.

Despite this sale, the upward pressure on Ethereum's price is holding strongly. The altcoin's SMI Ergodic Indicator has made a bullish crossover, hiking to 0.1, indicating that the downside pressure has weakened and bullish momentum is becoming more established. Ethereum currently sits above its 20- and 50-day moving averages and is testing its 100-day moving average.