Ethereum News Today: Ethereum Whales Bet Big: $108M ETH Buy Sees Correction as Opportunity

Bitcoin OG's accumulation of Ethereum has reignited market interest as on-chain data reveals a significant $108.27 million conversion of 1,000 BTC into ETH via Hyperliquid. This move by the influential whale, identified as having previously purchased 641,508 ETH valued at $2.94 billion, signals a renewed commitment to Ethereum despite recent price volatility. The accumulation adds to a broader trend of whale activity supporting Ethereum’s position as a leading asset in the cryptocurrency market [1].

Ethereum has remained a key driver of market dynamics, particularly in terms of open interest, whale accumulation, and network activity. It has functioned as a conduit for capital rotation from Bitcoin to altcoins, reinforcing its dominance. Despite a recent pullback from highs above $4,750 to current levels near $4,370, Ethereum continues to trade above the 50-day moving average at $3,941, a critical support level. The 100-day and 200-day moving averages are also trending upward, indicating a structurally bullish market [2].

The whale's accumulation, following a brief pause, coincides with Ethereum testing key demand levels after a sharp retracement from recent highs. While this has sparked concerns about momentum weakening, the whale’s actions suggest that significant market players perceive the current correction as a buying opportunity rather than a bearish reversal. Analysts emphasize that Ethereum's ability to hold above $4,200 will be crucial in determining whether the uptrend continues or gives way to a deeper pullback [1].

Market observers are closely watching the price action, as resistance near $4,750–$4,800 has historically triggered selling pressure. A sustained break above this zone could unlock new all-time highs, while failure to maintain above $4,200 may result in further downward correction toward $3,900. The broader bullish trend is supported by the fact that Ethereum remains well above key technical indicators, including the 100-day and 200-day moving averages [2].

The recent surge in Ethereum prices began in mid-July, with the asset breaking out of a prolonged consolidation phase near $2,700 and surging more than 70% in a few weeks. Although the market has since consolidated, the sustained activity from large investors highlights confidence in Ethereum’s long-term potential. Analysts suggest that continued accumulation by major players could provide the necessary support to stabilize the price and potentially drive further gains in the near term [1].

Source:

[1] Bitcoin OG Back To Buying Ethereum, Adds $108M In ETH (https://bitcoinist.com/bitcoin-og-back-to-buying-ethereum-adds-108m-eth/)

[2] Bitcoin OG Back To Buying Ethereum, Adds $108-M In ETH (https://www.mitrade.com/insights/news/live-news/article-3-1082232-20250830)