Ethereum held above $1,900 for four consecutive daily closes, a streak last recorded more than one month ago.
At press time, Ethereum [ETH] traded around $1,914 after declining 0.79% over 24 hours. As ETH defended this level, two large buyers added over 30,000 tokens through separate transactions.
Why are Ethereum whales buying?
According to Lookonchain, a whale bought 27,000 ETH worth $52.03 million through Galaxy Digital OTC. The transaction followed three months of wallet inactivity, marking a notable return to the market.
However, one purchase cannot confirm that the whale expects Ethereum’s broader downturn to be over.
Lookonchain also reported that Arthur Hayes bought another 644.34 ETH worth $1.25 million. The purchase lifted his eight-day accumulation to 3,270 ETH, acquired for approximately $6.27 million.
Together, both transactions reflected renewed demand from large buyers as Ethereum held above $1,900.
Ethereum’s Spot Netflow turned negative after remaining positive for five consecutive days. At press time, Spot Netflow stood near -$16 million, indicating that more ETH left exchanges than entered.
Exchange withdrawals may reduce immediately available selling supply, although they do not guarantee continued price gains.
Are institutions buying Ethereum too?
U.S. Spot Ethereum ETFs also recorded improving demand during the week.
Verified data for the 21st of July showed $37.47 million in Net Inflows, extending the streak to three sessions. BlackRock’s ETHA attracted $52.79 million, while Fidelity’s FETH recorded $15.32 million in Net Outflows.
These flows showed renewed institutional interest, although three positive sessions cannot establish long-term positioning.
Can Ethereum finally cross $2K?
Ethereum’s Bulls versus Bears indicator reportedly remained positive for three weeks and reached 62. However, this reading requires the original TradingView chart before publication.
The Moving Average Convergence Divergence [MACD] reportedly continued rising, suggesting that bullish momentum had improved. This signal also requires chart verification because its timeframe and settings were not provided.
If whale demand and ETF inflows continue, ETH could retest the psychological resistance around $2,000. A sustained move above that level would offer stronger confirmation than wallet activity alone.
Final Summary
- A whale bought 27,000 ETH, while Arthur Hayes lifted his eight-day accumulation to 3,270 ETH.
- Ethereum could retest $2,000 if whale demand, ETF inflows, and negative Spot Netflow continue.