Ethereum News Today: Cumberland Wallet Adds 3,263 ETH Worth $11.75 Million Amid Ethereum's 45% Price Surge

A wallet linked to Cumberland, a prominent crypto market maker, has recently added 3,263 ETH to its holdings, valued at approximately $11.75 million. This acquisition brings the wallet's total ETH holdings to 23,463.3, with a current value of around $76.52 million. The wallet has been consistently accumulating ETH since June 18, with each purchase averaging around $3,261 per ETH. This steady accumulation suggests a long-term investment strategy rather than short-term trading.

The current price of Ethereum is $3,566, which places the wallet's holdings in a profitable position with unrealized gains of $6.63 million. The 4-hour price chart for Ethereum shows a consistent upward trend since early July, with each retracement finding support near the 50-period Exponential Moving Average (EMA), which is currently at $3,216.9. The chart indicates higher lows and increased buy volume on each breakout, suggesting strong market momentum.

The wallet's accumulation strategy aligns with Ethereum's uptrend structure. By adding 3,263 ETH at the top of the current range, the wallet demonstrates a strategy of scaling in across different price levels. The significant gap between Ethereum's market price and the EMA further supports the sustained momentum in the market. This wallet's activity has drawn attention due to its size and timing, often buying during consolidation phases. The steady inflow of ETH into the wallet coincides with growing institutional participation in the broader Ethereum market. While the wallet's owner remains unconfirmed, analysts associate it with Cumberland based on the volume and structure of its activity.

Ethereum's price movements since early July reflect an upward trajectory, supported by consistent demand. The 4-hour chart confirms higher lows and sustained momentum. Each pullback found support near the 50-period exponential moving average, which currently sits at $3,216.9. Since June 18, the address has followed a clear pattern of accumulation during consolidation phases, rather than short-term trades. The most recent acquisition occurred at the top of the current trading range, suggesting a strategy of scaling in at various price levels. The absence of outgoing transactions reinforces the view that the wallet is focused on long-term accumulation.

This steady inflow has drawn increased attention, especially as the Ethereum market sees more institutional involvement. Activity from this wallet appears to align with key market support levels and buying interest. Ethereum continues to move within an ascending price channel, with strong support from the EMA on the 4-hour chart. A recent high of $3,580.5 remains intact, though the price trades close to this level. Volume spikes on breakouts also support ongoing bullish sentiment.