Ethereum struggled to hold above $1,900 last week, slipping to $1,848 its lowest point in two weeks. By the time of writing, ETH hovered near $1,865, down almost 2% in a single day, signaling a shaky short-term momentum.
Despite the price pressure, institution-level moves suggest some players remain bullish. wallets connected to Fidelity moved 260,000 ETH, worth around $499.55 million, into three separate wallets funded six months ago, according to Onchain Lens. This transfer looks to be an internal reshuffling rather than a sell-off, which often happens with custody adjustments and usually doesn’t directly impact market prices.
Meanwhile, corporate investors show mixed signals. SharpLink Gaming, Ethereum’s second-largest corporate holder, stopped buying in October 2025 and cut back, facing more than $1.4 billion in unrealized losses. On the other hand, Bitmine keeps loading up. Onchain Lens reports a Bitmine-linked wallet recently bought 10,460 ETH, valued near $19.5 million, lifting their holdings to about 5.5 million ETH worth roughly $10.3 billion. This accumulation contrasts with ongoing withdrawals from exchanges, where netflows have been negative for six straight days, hinting at sustained demand driving coins off trading platforms.
ETH’s Next Moves
Technicals don’t paint an optimistic picture short term. ETH trades below the 20-day moving average, and bearish signals like the MACD-SMA crossover and bulls versus bears indicator warn of possible dips below $1,800, with support around $1,750. Yet, the coin remains above its 200-day average, suggesting the overall trend is still intact, offering a safety net. Continued buying from big players like Bitmine could help Ethereum defend key averages and possibly regain some upward momentum.
Ethereum's mixed August performance reflects the tug of war between sellers and institutional demand influencing what might come next for ETH.
This content is for informational purposes and does not constitute financial advice.
