Ethereum whales have shifted nearly $430 million worth of ETH in the past 24 hours, signaling heightened market activity just as the price hovers around $1,916. This surge of large transfers shows a critical moment for Ethereum, with investors closely watching whether it can turn recent gains into a sustained uptrend.
The price dipped close to $1,600 before bouncing back above important technical markers. Crypto analyst Ali Charts recently pointed to $1,733 as a vital support level; slipping below it could threaten the current recovery. Meanwhile, Ethereum maintains a market capitalization exceeding $230 billion and holds more than 10% of the overall crypto market.
Institutional Demand Bolsters Ethereum’s Momentum
On the institutional front, Ethereum is gaining traction through spot ETFs. Morgan Stanley’s Ethereum Trust launched on NYSE Arca at the end of July, attracting $5.15 million in net inflows on its first day and adding to a total of 11 spot ETFs now trading. BlackRock’s ETHB fund remains the biggest by daily inflows, pulling in nearly $6 million and pushing its cumulative inflows past $529 million.
The combined net assets across all spot Ethereum ETFs have climbed to $10.5 billion, accounting for around 4.5% of Ethereum’s market cap. Total inflows to these funds have reached $11.2 billion, reflecting growing institutional interest and backing.
Ethereum now faces resistance between $1,980 and $2,080. Defending that $1,733 support is key for bulls aiming to push higher. The coming days will be telling as the crypto’s direction hinges on these technical battlegrounds.
This content is for informational purposes only and does not constitute financial advice.
