Ethereum is once again approaching critical levels after a stretch of volatile yet bullish price action. Following a sharp rebound from yesterday’s low of around $3,675, ETH is now trading above the $3,800 mark, regaining momentum as traders eye a decisive move. While short-term volatility remains, the overall structure favors continuation—provided ETH can break cleanly above the $4,000 resistance level.

Related Reading

This threshold now stands as the key barrier between consolidation and a potential rally toward new highs. A confirmed breakout would likely ignite fresh bullish momentum across the broader altcoin market. Until then, price remains trapped in a narrowing range, testing both trader patience and liquidity depth.

Meanwhile, on-chain data supports the bullish case. According to blockchain analytics platform Arkham, whales have ramped up their accumulation, with large addresses steadily adding to their ETH holdings in recent days. This ongoing accumulation trend reflects growing conviction among high-cap players and adds weight to the possibility of further upside in the months ahead.

Whale Receives Ethereum From Galaxy OTC As Institutions Double Down

Ethereum’s bullish narrative gained further momentum this week after Arkham disclosed a massive on-chain transaction involving a major institutional player. A fresh wallet address—0xdf0A67Ded855F8ea4baB6399690883243c0e2EF3—just received $153 million worth of ETH, purchased directly through Galaxy Digital’s over-the-counter (OTC) desk. The scale and nature of this transaction suggest growing institutional conviction in Ethereum’s long-term potential.

This isn’t just another whale move. The fact that the ETH was funneled into a new wallet from a regulated OTC provider underscores the strategic accumulation taking place behind the scenes. As traditional finance increasingly integrates with crypto, Ethereum’s utility, programmability, and future role in tokenized finance are making it a high-conviction play among institutional allocators.

This heavy buy comes after a prolonged period of weakness. Earlier this year, ETH suffered persistent selling pressure, with price action sliding lower for months. Retail interest faded, and sentiment turned bearish. But while the public panicked, sophisticated players appear to have taken the other side of the trade—accumulating quietly during the downturn.

Related Reading

ETH Consolidates Below Resistance

Ethereum (ETH) continues to trade in a tight range just below the key resistance level of $3,860.80, as shown in the 4-hour chart. Despite recent price volatility, ETH has remained above its 50- and 100-period moving averages, currently near $3,756 and $3,629, respectively. This suggests that bullish momentum is still intact in the short term.

Volume has picked up slightly, indicating rising interest from traders as ETH tests this critical horizontal resistance. The price has failed to close decisively above this level multiple times since July 25, highlighting its significance. However, the consistent higher lows forming over the past week point to building buying pressure beneath the surface.

Related Reading

A confirmed breakout above $3,860.80 could open the door for a push toward the psychological $4,000 level and beyond. Conversely, failure to break resistance may lead to another retest of the 100-period moving average or even the $3,700 support zone.

Featured image from Dall-E, chart from TradingView

• Rodeo Finance is an Arbitrum-based decentralized finance (DeFi) protocol.
• The hacker manipulated price oracles and executed trades using the manipulated price.
• The price of Rodeo Finance’s native token has plunged 54% after the hack.

On July 11, the Arbitrum-powered decentralised finance (DeFi) protocol Rodeo Finance was hacked resulting in the loss of 810 Ether (ETH) worth $1.53 million. The DEX was exploited using a code vulnerability in its Oracle.

Peckshield, a blockchain analytics company, revealed data showing that the exploiter eventually transferred the stolen funds from Arbitrum to Ethereum and exchanged 285 ETH for $unshETH. The ETH was subsequently placed on ETH2 staking by the exploiter. Last but not least, the exploiter used Tornado Cash, a well-known mixer service, to route the stolen ETH.

Time-Weighted Average Price (TWAP) Orcale manipulation

The hacker manipulated the Rodeo’s Time-Weighted Average Price (TWAP) Orcale and tampered with the pricing of the ETH.

The TWAP Oracle is used by DeFi protocols to calculate the average price of assets for a specific time frame to mitigate price fluctuation due to the volatility in the crypto market. However, it is vulnerable to manipulations through artificial skewing of the calculated average prices of assets.

The exploiter first borrowed a large sum of ETH and then artificially manipulated the price to buy the same asset at a deflated price. Later the hacker returned the loan and made a profit based on the low price after the manipulations.

Rodeo’s TVL drops significantly

Besides causing the Rodeo Finance (RDO) token to tumble 54%, the hack has also caused the total value locked (TVL) in Rodeo to drastically fall.

Before the hack, the DeFi protocol had $20 million in TVL, but it has since dropped below $500 after the hack.

This is the second time that Rodeo Finance is being hacked in July 2023. It was hacked again on July 5, 2023, and $89,000 worth of crypto assets were lost due to a vulnerability in its ‘mintProtocolReserves’ function.