Key Takeaways:
A whale withdrew 5,300 ETH worth $9.98 million from Kraken on Aug. 17, adding to accumulation as Ether traded near $1,890.
Data from Arkham Intelligence shows the address '0x8447…' also withdrew roughly 357 ETH from Kraken last month and staked 224 ETH in the Beacon Deposit Contract, per Etherscan.
The wallet's liquid balance now sits near 5,433 ETH, worth about $10.3 million at $1,890-1,900, bringing its total position including staked holdings to roughly $10.7 million. The move fits a broader pattern of large-holder accumulation. Another whale built a position of approximately 121,000 ETH, worth around $227 million, in a month, including a 9,000 ETH withdrawal from Gemini. Tom Lee's BitMine Immersion has also been buying weekly, holding about 5.81 million ETH valued at $11.00 billion as of Monday.
Whales appear to be treating the decline toward $1,800-1,900 as an accumulation opportunity. Analyst Merlijn The Trader said he expects ETH to dip toward $1,715-1,750 before entering an "expansion" phase, citing a June setup that saw Ether bounce sharply after testing the same range. A breakout above the symmetrical triangle and the 50-day EMA near $1,918 could strengthen the recovery toward $2,050-2,125.
BitMine Immersion has a total invested cost basis of roughly $19.49 billion, or an average price of about $3,358 per ETH, resulting in an unrealized loss of approximately $8.49 billion, or -43.56 percent, according to DropsTab data.
The accumulation comes as spot ETH ETFs posted a $2.26 million weekly net outflow for the week ending Aug. 14, snapping five consecutive weeks of net inflows that had brought in $244.94 million, $27.42 million, $103.90 million, $105.44 million, and $84.42 million respectively, per SoSoValue. Cumulative net inflows hold at $11.45 billion with total net assets at $10.52 billion.
Meanwhile, ETH spot netflow registered -$3.48 million on Aug. 15, meaning more ETH moved off exchanges than onto them, a modestly bullish supply signal that runs counter to the ETF outflow picture.
Ethereum is consolidating inside a symmetrical triangle on the daily chart, with lower highs meeting a sequence of higher lows near $1,890. The pattern reflects declining volatility as traders wait for a decisive breakout. ETH is also hovering around its 20-day EMA near $1,883, while the 50-day EMA around $1,918 remains an immediate resistance level.
The Parabolic SAR at $1,919.69 and the 100-day EMA at $1,918.38 form a tight resistance cluster just above, and a daily close through that zone is the condition for the triangle to resolve to the upside. The 50-day EMA at $1,864.56 is the first support below, and if that gives way, the triangle lower boundary near $1,800 becomes the next floor. The 200-day EMA at $2,129.36 is the longer-term target if the breakout confirms.
Analyst Crypto Rover flagged on X that ETH sell pressure has reached its lowest point ever recorded, lower even than the 2022 bear market bottom. The read is cautiously bullish but comes with a caveat: one final capitulation move lower is still possible before a sustained floor forms.
Derivatives volume rose 12.04 percent to $26.12 billion while open interest fell 1.37 percent to $25.44 billion, meaning more trading activity happened but fewer positions are being held overall. Liquidations over 24 hours totaled $10.60 million, with longs absorbing $7.39 million against $3.20 million for shorts.
A breakout above the triangle and the 50-day EMA could strengthen the recovery toward $2,050-2,125. Conversely, losing the rising support trendline could expose ETH to another pullback toward the $1,750-1,700 area.
This article is for informational purposes only and does not constitute investment advice.
