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Ethereum is on the brink of reclaiming its all-time high, after setting a fresh multi-year peak at $4,792. Bulls remain firmly in control, driving momentum as Bitcoin pauses in a consolidation range. This stall in BTC’s advance has created room for altcoins to shine, igniting a broad bullish phase across the market.

Institutional demand continues to play a pivotal role in Ethereum’s rally. On-chain data shows a steady accumulation by large investors, with wallets linked to major institutions and funds consistently adding to their holdings. This buying pressure is reinforced by a tightening supply dynamic — ETH balances on exchanges and over-the-counter (OTC) desks are rapidly declining, reducing the amount of coins readily available for sale.

The combination of shrinking supply, strong investor confidence, and a favorable macro backdrop has put Ethereum in a prime position to challenge its previous highs. Market participants are closely watching the $4,800–$4,900 range as a critical resistance zone. A breakout above this level could set the stage for new price discovery and accelerate the altcoin market’s bullish momentum.

Ethereum Whale Activity Signals Confidence Ahead of Potential Altseason

According to blockchain intelligence firm Arkham Intelligence, Ethereum has just witnessed one of its largest single whale transactions of the year. A newly created wallet withdrew 60,000 ETH — valued at approximately $284.76 million — from Coinbase Prime last night. The entire sum is now being staked, signaling a strong long-term commitment to holding and securing the network.

Further analysis shows that the whale has already moved 3,200 ETH (worth $14.75 million) into four separate wallets. Notably, one of these wallets has deposited its share directly into Coinbase Staking, confirming that this is not a speculative short-term trade but rather a deliberate accumulation and yield-generation strategy. The wallet address, 0x697D8eFb007Ec5CCAC0C67290D545b916348480B, is now on the radar of market watchers.

Analysts suggest that such large-scale staking activity is a bullish signal for Ethereum’s price trajectory. By locking up a substantial amount of ETH, this whale effectively removes significant liquidity from the market, potentially tightening supply during a period of strong institutional demand.

Some market experts believe Ethereum could become the primary catalyst for a broader altseason in the coming weeks. With Bitcoin consolidating near record highs, capital rotation into high-quality altcoins — led by ETH — could ignite a fresh wave of market enthusiasm, pushing the sector into a more aggressive bullish phase.

Price Action Details: Weekly Chart Analysis

Ethereum (ETH) continues its impressive rally, closing the week with a strong gain and pushing to a multi-year high near $4,792, just shy of its all-time high. The weekly chart shows a steep upward trajectory over the past month, with ETH breaking through key resistance levels at $3,200 and $4,000 with little hesitation.

The 50-week moving average (blue) has crossed decisively above the 100-week MA (green), signaling strong bullish momentum. Price action remains well above the 200-week MA (red) at around $2,443, underlining the strength of the current uptrend. Volume has also spiked notably during this rally, indicating that buying pressure is supported by solid market participation rather than thin liquidity.

However, the sharp vertical move suggests overextended short-term conditions, raising the risk of a pullback or consolidation before the next leg higher. As long as ETH holds above the $4,200–$4,300 support zone, the bullish structure remains intact, with traders eyeing a potential breakout into uncharted territory.

Featured image from Dall-E, chart from TradingView

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According to Bloomberg, a wallet linked to a major cryptocurrency heist two years ago swapped $39.75 million worth of the stablecoin DAI to scoop up 16,892 Ethereum (ETH) as the second-largest cryptocurrency plummeted by as much as 23% on Monday.

Crypto Hacker Exploits Ethereum Crash

Per the report, the hacker behind the 2022 attack on the cross-chain bridge protocol Nomad, which resulted in the theft of close to $200 million in crypto, appears to have spotted an opportunity to convert some of their illicit gains into discounted ETH prices. 

On-chain data showed that after purchasing ETH, the hacker then moved the tokens in batches of 100 to Tornado Cash, a privacy-focused exchange service that has come under scrutiny by US regulators for its alleged use to launder illicit funds from crypto hacks.

Despite this, significant selling pressure has prevented a significant bounce for the second-largest cryptocurrency on the market as large corporations have contributed to the ongoing decline. 

Market researcher DeFi Mochi pointed out that the ETH “obliteration” was caused by the capitulation of large investment funds. According to the researcher, venture capital firm Paradigm unloaded 46,000 ETH tokens worth approximately $138 million at $3,000. 

Similarly, asset manager and ETF issuer Grayscale reportedly dumped 372,000 ETH at a valuation of $1.1 billion through its newly approved Ethereum exchange-traded fund (ETF) in the US. 

Lastly, market maker Jump Trading has sold over $500 million worth of Ethereum in the past few days after liquidating its funds amid rumors that it is exiting the crypto market maker business.

ETFs See $430 Million In Net Outflows

Amid these bearish developments, digital asset investment products have seen their first significant outflows in over a month, according to the latest report from CoinShares. The report indicates that these products, which include cryptocurrency exchange-traded funds and trusts, experienced total outflows of $528 million last week.

The outflows are believed to be a reaction to growing fears of a recession in the United States, as well as persistent geopolitical concerns and broader liquidations across most asset classes. Trading volumes for these investment products also declined, representing a lower-than-average 25% of the total cryptocurrency market.

Regionally, the majority of the outflows were concentrated in the United States, which saw $531 million in outflows. Germany and Hong Kong also experienced outflows of $12 million and $27 million, respectively. 

However, not all regions were impacted equally, as Canada and Switzerland saw inflows of $17 million and $28 million, respectively, likely taking advantage of the price drop.

Ethereum experienced outflows totaling $146 million, bringing the net outflows since the launch of Ethereum ETFs in the US to $430 million. This data, however, masks the positive inflows of $430 million last week from the newly launched US ETFs, which were offset by $603 million in outflows from the Grayscale Trust. 

At the time of writing, Ethereum managed to regain the $2,450 level, recording drops of 28% in the past week alone and over 31% in the past two weeks despite this minor recovery.

Featured image from DALL-E, chart from TradingView.com