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- Binance whales are heavily accumulating ETH after a confirmed uptrend, supporting strong bullish momentum toward a possible breakout.
- An ascending triangle pattern on ETH’s chart signals potential for a new all-time high if resistance is breached with volume.
The price of Ethereum (ETH) has indeed corrected in recent days. However, behind this decline, there is a significant movement that shows that the big players—especially whales on Binance—are not sitting idly by.
According to analysis by Darkfost on CryptoQuant, whale activity in buying ETH on Binance has surged since last July, coinciding with the start of the price trend reversal.
Interestingly, this massive buying didn’t start early, but only emerged after the uptrend was clearly established. That’s their style: rarely reckless. But yes, sometimes it’s too late.
ETH spot and futures volume originating from whale orders continues to flow into Binance, supporting the price push towards the psychological level of $5,000. While whales are known for their patience and strategy, they are still human—sometimes panicking, sometimes experiencing FOMO.
But this time, their large accumulation is a crucial fuel that keeps the market optimistic. Moreover, ETH briefly reached $4,880 on August 23rd before correcting 3.02% and trading at about $4,595 today.
Derivatives Volume Explodes, Buying Pressure Intensifies
Meanwhile, data from CoinGlass shows that the ETH derivatives market is heating up. ETH trading volume surged 145% to over $202 billion in just the last 24 hours.
Meanwhile, ETH options volume also surged drastically, jumping 185% to $2.81 billion. Open interest did decline slightly by 3.57% to $66.71 billion, but this was likely due to market participants adjusting their positions or taking temporary profits. This isn’t bad news; it could actually provide breathing room for further upside.
From a technical perspective, analyst Cobra Vanguard observes ETH forming an ascending triangle pattern on the 4-hour chart. This pattern is often interpreted as a solid bullish signal, especially if successfully broken through with a strong candle.
According to Cobra, if this pattern breaks upwards, ETH has the potential to surge as high as the AB=CD distance and set a new all-time high (ATH). Yes, that opportunity is truly open now, as long as buying pressure remains contained and the market isn’t disrupted by external sentiment.
Furthermore, Darkfost also emphasized that whale behavior differs from that of regular retail traders. They tend to wait for trend validation before entering, but once in, they do so with significant weight. And that’s exactly what’s happening on Binance right now.
This massive movement is a strong reason why ETH still has the potential to continue rising, despite stumbling in recent sessions.
Institutions and ETFs Deplete Ethereum Supply on Exchanges
However, the story of ETH accumulation isn’t just coming from whales on Binance. A few days ago, CNF reported that a total of 6.069 million ETH was locked in various ETF products in the United States.
This rapid inflow into ETF products not only reflects institutional confidence but also directly reduces the available supply of ETH on exchanges. As a result, volatility could increase as buying pressure meets increasingly limited supply.
Furthermore, our data also shows that 69 public entities, including companies like BitMine Immersion Technologies and SharpLink Gaming, now hold over 4.1 million ETH—worth approximately $17.6 billion. They appear to be starting to implement accumulation strategies based on a “playbook” previously only used by seasoned investors.
