Ethereum is holding just above $1,900 as large holders push back against the asset's prolonged slump, with two whales adding a combined 80,000 ETH worth roughly $152 million to their positions in recent days. On-chain data tracked by AMBCrypto shows one whale withdrawing 30,000 ETH ($57.21 million) from Coinbase Prime and spreading it across three new wallets, while a second withdrew 50,000 ETH ($95.73 million) and later moved 36,530 ETH ($69.94 million) of it to a fresh address — patterns typically associated with accumulation rather than an imminent sale.
ETH itself traded near $1,923 at last check, up about 1.01% over 24 hours and recovering from a low of $1,820 the week prior. The token remains well below its August 2025 record above $4,900, leaving it deep in a drawdown even as this latest round of buying builds.
The Whale Sentiment Index flashes a buy signal
AMBCrypto's Whale Sentiment Index, which tracks large-holder conviction, registered a reading of 66 — a level the outlet characterizes as a heavy buying signal. The index has held above 60 for two consecutive days and above 50 for six straight days, suggesting the accumulation isn't a single isolated transaction but a sustained trend among Ethereum's biggest wallets. That reading lines up with broader market data: Ethereum spot ETFs pulled in a net $60.8 million on August 5 alone, part of roughly $103 million in weekly inflows and over $424 million across the past five weeks, according to separate tracking of ETF flows.
Related: Three-Year ETH Whale Capitulates, Selling at a $19M Loss
Not every whale is buying
The accumulation trend has a visible counterpoint. One long-term holder who bought ETH at an average price of $2,723 between February 2022 and March 2023 recently sold 7,323 ETH for $13.96 million, realizing a loss exceeding $19 million after holding the position for more than three years. That kind of capitulation from an underwater long-term holder is often read as a sign that weak hands are finally exiting — which, depending on how the market interprets it, can either drag on price further or clear the way for the accumulating whales to gain more control of available supply.
Technical picture stays mixed
ETH is currently positioned above both its 20-day and 50-day moving averages and is testing the 100-day moving average, while the SMI Ergodic Indicator shows a bullish crossover reading of 0.1. The nearest resistance sits at the 200-day EMA around $2,147 — a level ETH would need to clear convincingly to signal the whale accumulation is translating into a broader trend reversal rather than just a floor being defended. For now, with Bitcoin dominance at 56.73% and the total crypto market cap near $2.3 trillion, Ethereum's next move looks tied as much to whether accumulation keeps outpacing capitulation as to any single technical level.
