Ethereum News Today: Ethereum Whales Move $120M Off Exchanges as Analysts Predict Price Breakout Above $4000

Ethereum has sparked renewed market interest following the movement of over $120 million in ETH off centralized exchanges, as reported by on-chain trackers in early August. Such activity is often interpreted as a sign of accumulation by long-term holders, or "whales," and is frequently viewed as a precursor to a potential price rally [1]. With Ethereum’s price hovering around $3,681—slightly below its 20-day EMA—short-term traders are watching closely for signs of a breakout [2].

The recent withdrawal of such a significant amount of ETH from exchanges has led to a more bullish Ethereum price prediction from several analysts. Prominent trader Benjamin Cowen has suggested that $4,000 could become the next major price battleground for Ethereum. A successful breakout above this level, accompanied by strong volume, could potentially trigger a broader upward trend through the third quarter of the year. Even if Ethereum faces temporary resistance, many believe that the higher low pattern currently forming will support a sustained move higher [1].

The move by Ethereum whales comes amid a broader context of increasing institutional interest in the cryptocurrency. More money managers are beginning to include Ethereum in their portfolios, driven by ongoing upgrades to the Ethereum network and its expanding role in DeFi and NFT ecosystems. These factors have contributed to a growing sense of optimism among investors [1]. However, analysts caution that while the current on-chain data is promising, it should be treated as an indicator rather than a guarantee of future performance.

Ethereum’s price currently stands at a critical juncture. While it remains below key moving averages, the combination of whale activity and improved market sentiment suggests that the cryptocurrency may be entering a consolidation phase before a potential upward move. Traders and investors are advised to monitor volume levels and key resistance levels, particularly the $4,000 mark, to gauge the strength of any upcoming breakout [2].

Source: [1] Bitcoin Tests Supports While Ethereum Treasuries ... (https://research.tokenmetrics.com/p/bitcoin-tests-supports-while-ethereum-treasuries-accelerate-amid-institutional-momentum-3258)

[2] Ethereum Price Prediction: Ethereum Whales Move $120M Off Exchanges! Analysts Predict Major Run (https://coinmarketcap.com/community/articles/689182e717af346e656c6a06/)