Two major Ethereum whales bought large amounts of ETH during the recent price drop. In early August, they spent over $400 million to increase their Ethereum holdings.
A wallet tracked by Arkham Intelligence purchased around $300 million worth of ETH in three days. The wallet used Galaxy Digital’s over-the-counter (OTC) desk to complete these transactions. Despite an unrealized loss of about $26 million, the purchases show a deliberate increase in Ethereum accumulation.
OTC desks like Galaxy Digital allow large trades without affecting public exchange prices. This method is common among Ethereum whales looking to add significant amounts of ETH quietly.
SharpLink Increases Ethereum Holdings by $108 Million
SharpLink, a firm focused on Ethereum, made another large purchase. Data from Lookonchain shows the company bought 30,755 ETH in two days. It spent $108.57 million at an average price of $3,530 per ETH.
After this purchase, SharpLink’s ETH holdings rose to 480,031 ETH, valued at around $1.65 billion. These buys came when Ethereum’s price dropped near $3,300, marking a multi-week low.
Ethereum On-Chain Activity Reaches Highest Level in Two Years
On-chain data shows growing Ethereum network activity. Sentora (formerly IntoTheBlock) reported 931,000 active addresses in one day, the highest in nearly two years. This rise indicates more interactions on the Ethereum blockchain, such as transfers and smart contract use.
In July, Ethereum’s price moved past $3,900, supported by higher trading volumes and institutional inflows. This period also saw more activity in decentralized finance (DeFi) and increased use of stablecoins on Ethereum.
Thomas Lee of Fundstrat noted that Ethereum’s position as a leading platform for smart contracts remains important for major financial firms. This aligns with data showing more institutional participation in Ethereum transactions.
Ethereum Chart Mirrors 2023 Pattern with Similar Setup
A recent analysis shared by RJT WAGMI (@RJTTheOG) highlights that Ethereum’s price chart in 2025 shows a structure similar to its 2023 movement. The post compares two periods using daily charts from Binance, outlining repeated price behaviors.
The left chart displays Ethereum’s 2023 rally, marked by a five-wave pattern. During that period, ETH rose approximately 320%, moving from a consolidation phase into a strong upward trend.
The right chart shows Ethereum’s 2025 price action, which currently mirrors the earlier setup. It also begins with consolidation, followed by the initial two waves of a similar five-wave formation. At present, ETH trades around $3,458, while the chart projects potential continuation if the pattern holds.
This visual comparison uses labeled wave counts and consolidation phases to illustrate repeating movements. It points to matching structures between the two periods, supported by similar trading behaviors and price levels.
Ethereum Forms Falling Wedge Pattern on August 4 Chart
The Ethereum ETH/USDT 4-hour chart, created on August 4, 2025, shows a clear falling wedge pattern. A falling wedge pattern is a bullish technical formation where price consolidates between two downward-sloping lines, often signaling a potential upward breakout.
The chart highlights Ethereum trading around $3,555, with a projected target near $5,470, which indicates a possible 53 percent increase from the current level. The price has moved within converging trendlines, with lower highs and lower lows forming this wedge shape.
Volume data shows reduced trading activity during the pattern’s formation, which aligns with typical falling wedge behavior. The 50-period Exponential Moving Average (EMA) at $3,614 sits above the price, acting as a short-term resistance. If Ethereum breaks above the upper wedge boundary, it may confirm the continuation of upward momentum toward the $5,470 target outlined on the chart.
This setup follows earlier gains observed in mid-July, where ETH rose significantly before entering this consolidation phase. The falling wedge, combined with volume shifts and resistance levels, provides a structured view of Ethereum’s current market positioning.
Ethereum RSI Indicates Recovery from Oversold Levels
The Ethereum (ETH) Relative Strength Index (RSI) chart, created on August 4, 2025, shows the RSI at 47.69, recovering from a recent drop near the oversold zone of 30. The 14-period RSI tracks price momentum and measures if ETH is overbought or oversold.
In late July and early August, the RSI fell below 35.66, signaling weaker momentum. This decline aligned with ETH’s price drop during the same period. The RSI has since rebounded toward the midpoint of 50, suggesting stabilizing conditions and reduced selling pressure.
The chart also shows the RSI moving closer to its moving average line, which stands at 35.66. This crossover supports the observed recovery and reflects easing downward momentum. If the RSI maintains its upward path above 50, it would align with improving price action seen in Ethereum’s recent movement from the low $3,500 range.
Ethereum MACD Shows Bullish Crossover on August 4
The Ethereum (ETH) Moving Average Convergence Divergence (MACD) chart, created on August 4, 2025, indicates a bullish shift. The MACD line, shown in blue, has crossed above the signal line, shown in orange, while the histogram turned positive at 19.1.
The MACD measures momentum by comparing two moving averages, the 12-period and 26-period. This crossover suggests that buying strength is increasing after a recent decline, as seen in the move from negative histogram bars to green bars above the baseline.
Values for the MACD stand at -45.8, with the signal line at -64.9, showing improvement from lower levels reached in late July. This change aligns with Ethereum’s recent price stabilization near $3,555 and follows the reduction in downward momentum observed during the past sessions. The positive histogram bars reflect early signs of strengthening momentum as ETH continues to trade within its current range.