Ethereum News Today: Ethereum Surpasses $4K as Whales Move $667M Into New Wallets

Ethereum (ETH) surged past the $4,000 level amid aggressive accumulation by large investors, with on-chain data revealing that over $667 million worth of ETH had been moved into six new wallets from major over-the-counter (OTC) desks including FalconX, Galaxy Digital, and BitGo. The accumulation coincided with ETH’s strongest price rally in months, as bulls pushed prices to $4,196 at press time, triggering one of the largest short liquidation events in recent history [1].

The daily chart displayed strong bullish momentum, with the relative strength index (RSI) rising above 72, indicating overbought conditions. Meanwhile, the MACD histogram was widening, signaling sustained buying pressure. These technical indicators underscored the growing confidence among market participants and highlighted ETH’s potential to continue its upward trajectory [1].

At the same time, Ethereum’s circulating supply crossed the 121 million ETH threshold, a milestone achieved nearly three years after hitting 120 million in August 2022. Despite the growing supply, the network continues to mint between 2,500 and 3,000 ETH daily, with staking activity offsetting a portion of this issuance. Currently, over 36.18 million ETH is locked in staking, which helps to ease the inflationary effects of new supply and maintain a balance between issuance and demand [1].

One of the most notable developments in recent hours was the sudden creation of a new wallet that received 10,396 ETH ($40.6 million) from FalconX within a two-hour window. This move, tracked by on-chain analysts at Lookonchain, is part of a broader four-day accumulation spree that saw the same entity and others amass 171,015 ETH in total. The timing and magnitude of these transactions suggest a coordinated effort to build a long-term position, rather than speculative short-term trading [1].

Market sentiment has turned decisively bullish, driven by strong price action and increased whale activity. However, traders are advised to remain cautious about potential pullbacks, particularly if profit-taking emerges at these elevated price levels. The accumulation by large investors adds to the narrative of growing institutional interest in Ethereum, reinforcing the asset’s role as a leading digital asset in the broader crypto ecosystem [1].

Source: [1] Ethereum breaks $4K as whales move $667M – How did ETH prices react? (https://ambcrypto.com/ethereum-breaks-4k-as-whales-move-667m-how-did-eth-prices-react/)