Ethereum whales have begun securing profits from their holdings as the premier altcoin has experienced a substantial 25% rally over the past seven days.
On-chain analytics from Lookonchain reveal that a whale operating from wallet address “0x8C08” liquidated 8,005 ETH (valued at $30.03 million) at $3,751 just five hours ago, retaining 1,577 ETH ($5.96 million) as a strategic reserve position.
The whale’s initial investment occurred 12 days prior, when they deployed 25 million USDT to acquire 9,188 ETH at an average entry price of $2,721.
Ethereum Whale Dumps $30M ETH Position After 38% Gains
Capitalizing on Ethereum’s impressive rally since early July, this whale achieved a 38% return, translating to $9.87 million in realized gains during this timeframe.
The recent surge in Ethereum’s price can be attributed to sustained whale accumulation activities throughout June.
A key moment occurred on June 15, when Ethereum whales collectively accumulated 818,410 ETH, approximately $2.5 billion worth, in a single trading session, representing the most concentrated buying spree since 2018.
Three days earlier, wallets containing 1,000 to 10,000 ETH added over 871,000 ETH in one day, establishing the year’s highest daily net inflow record.
This accumulation frenzy aligned with growing institutional adoption, particularly following the successful launch of spot Ether ETFs that recorded an impressive 19-day consecutive inflow streak.
Institutional giants BlackRock and Fidelity spearheaded this movement, acquiring billions of dollars’ worth of Ethereum in unprecedented volumes.
Ethereum ETFs have surpassed $5.5 billion in total inflows, with BlackRock’s ETHA fund achieving $489 million in single-day purchases.
The $2,700 Breakout That Unleashed Ethereum’s 30% Rally
In July, Sharplink Gaming, a Minneapolis-based performance marketing firm, dramatically expanded its Ethereum position by acquiring 353,000 ETH, worth over $1.2 billion through its treasury strategy, establishing itself as the world’s largest corporate Ethereum holder and surpassing the Ethereum Foundation’s holdings.
Despite the intense buying pressure throughout June and early July, Ethereum remained range-bound around $2,617, consolidating near key resistance zones.
The breakthrough came on July 10, when ETH surged 5%, decisively breaking through the $2,700 resistance barrier and triggering a momentum-driven rally toward the $3,000 psychological milestone the next day.
Since that breakout, Ethereum has delivered over 30% gains, reaching a peak of $3,859.36 on Monday, generating substantial returns for strategic whale positions. The price has pulled back to $3,658 at the time of writing.
Technical analyst “Mister Spread” notes that ETH appears overextended on the daily timeframe, with the Ichimoku Kijun (blue line) suggesting potential retracement toward the $3,400 region or possibly lower to $3,200.
However, he emphasizes that maintaining support above the $2,800-$3,000 zone would preserve Ethereum’s bullish structure and keep the pathway open for new all-time highs above $4,800.
Why $4,400 High Still Looks ‘Probable’ for ETH Despite RSI at 80
From a technical perspective, the Ethereum (ETH/USD) daily chart displays a robust bullish trajectory that has recently consolidated just above the previous swing high at $3,859.
The asset is currently experiencing a healthy pullback following its sharp ascent, with the $3,300-$3,500 demand zone, coinciding with the 9-day Simple Moving Average, providing key support for potential upward continuation.
This zone has demonstrated resilience in previous tests and could serve as a foundation for renewed upward momentum.
The Relative Strength Index (RSI) currently hovers near 80, indicating extremely overbought conditions and suggesting a brief correction or sideways consolidation phase before any potential continuation of the uptrend.
The overall market structure remains constructive, and if price action maintains support above the identified demand zone, a move toward the $4,410 target appears feasible in the upcoming weeks.
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