Ethereum has been an uncontroversial leader in Crypto Market over the past few weeks, driving momentum in both price action and the underlying foundation. From topping open interest charts to leading whale accumulation and network activity, ETH has consistently set a broader tone of market sentiment. Its role as an engine for capital revolving from Bitcoin to altcoin only strengthens this dominance, and as the market entered a new phase, Ethereum became an asset to watch.
However, recent retraces have encouraged attention. After a surge to a new high, ETH pulled back to test lower demand levels, causing fear among traders worried that momentum could decline. Nevertheless, on-chain data suggests that the foundation remains firmly intact.
Key insights from LookonChain reveal that Bitcoin OG, which recently purchased 641,508 ETH worth $2.94 billion, is active. After a brief pause, the whale resumed accumulation, demonstrating confidence in Ethereum’s long-term trajectory. For many, such offensive purchases serve as counterweights for short-term volatility, highlighting the continued view of opportunities for large players despite price fluctuations.
Buying OG Whale as Ethereum holds a critical level
According to Lookonchain, after a two-day break, the whales deposited 1,000 BTC (valued by $18.27 million) into high liquids and converted them to ETH spots. This latest move strengthens the trend of accumulating aggressive whales. This is a factor that continues to support Ethereum’s bullish outlook, despite the price action showing signs of weakness.
The timing of this accumulation is particularly noteworthy. Ethereum recently tested key demand levels that have raised concerns among traders, trailing sharply after reaching fresh highs. Some analysts warn that if these zones are not retained, ETH may be vulnerable, weakening broader market sentiment. However, consistent purchases of whales suggest that key players view retrace as an opportunity rather than a reversal, adding weight to the argument that it remains fundamental.
In this regard, the next few weeks will be decisive. If Ethereum integrates the above support and is able to push it higher, we will see a continuation of uptrends and verify trust-driven purchases for whales. Conversely, if you don’t keep demand zones, the revision can be extended. For now, the return of large accumulation highlights that Ethereum’s long-term trajectory remains bullish despite its short-term volatility.
ETH tests key demand levels
Ethereum has traded nearly $4,370 after a 3% drop every day, cooling off from pushes above $4,750 from its recent high. The daily chart shows ETH integration, which has surged more than 70% in just a few weeks, after a sudden rally that began in mid-July, with prices coming out of the long integration phase of nearly $2,700.
Retrace means that ETH tests test short-term demand. The price is $3,941 above the 50-day moving average. This is currently serving as dynamic support. The 100-day ($3,244) and 200-day ($2,662) averages are upwards, confirming that the broader market structure is still bullish. This zone is aligned with recent breakout levels and can boost the foundation for your next leg, so it’s important to go above $4,200 to maintain momentum.
Resistance remained close to $4,750-$4,800, with sellers intervening in the final rally attempt. A decisive break above this zone could open the new all-time best door, but failing to go above $4,200 could trigger a deeper pullback to $3,900.
Dall-E special images, TradingView chart
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