Ethereum is trading near $4,600, stabilizing after a volatile August that saw repeated rejections near $4,800. The market has been buoyed by large-scale whale accumulation and fresh on-chain inflows, but technical resistance continues to cap rallies.
Ethereum is trading near $4,600, stabilizing after a volatile August that saw repeated rejections near $4,800. The market has been buoyed by large-scale whale accumulation and fresh on-chain inflows, but technical resistance continues to cap rallies.
Spot data shows over $427 million in ETH purchased by Bitmine, marking one of the largest single-day whale acquisitions in months. Combined with positive net flows on August 27, sentiment has improved even as broader crypto markets remain cautious heading into September.
The question now is whether Ethereum price action can build enough momentum to retest $4,800 and break into the higher range near $5,200–5,400.
On the 4-hour chart, ETH trades comfortably inside an ascending parallel channel, with support aligned near $4,525–4,530 and resistance at $4,800. The 50-EMA around $4,525 has provided repeated intraday support, while the 100-EMA at $4,405 underpins the broader uptrend.
The RSI is at 53.1, suggesting momentum is neutral after a pullback from recent overbought levels. A push above 60 on RSI would indicate a breakout attempt. Meanwhile, the daily chart shows ETH holding above its Supertrend support at $4,058, while the Parabolic SAR dots remain below price, keeping the long-term structure bullish.
Technically, Ethereum needs a clean breakout above the $4,800 supply zone to confirm fresh upside. A failure to clear this level risks a pullback toward $4,400–4,200.
On-chain data has turned supportive. Coinglass reports $80.95M in positive ETH net inflows on August 27, the first meaningful green print after weeks of outflows. This reversal hints at renewed accumulation among large investors.
Adding fuel, whale-tracking data shared by analyst @TedPillows confirmed that Bitmine acquired $427M worth of ETH, spread across multiple transfers from BitGo wallets. Such large-scale purchases have historically preceded sharp price rallies, as whales front-run expected institutional demand.
The scale of this accumulation contrasts with Bitcoin’s steady ETF outflows, highlighting diverging flows within crypto majors. If these inflows persist, ETH could gain relative strength against BTC in September.
The bullish case rests on ETH holding the channel and clearing $4,800 resistance. If successful, the next upside target sits near $5,200, with the upper channel boundary extending toward $5,400. Strong whale accumulation and improving spot flows strengthen this outlook.
Bears, however, note that repeated failures at $4,800 have created a potential double-top formation. A breakdown below $4,400 would invalidate the bullish structure and open the way toward $4,200, with deeper support at $4,050–4,100 where the daily Supertrend aligns.
For now, ETH trades in a high-stakes zone. A breakout could spark momentum-driven upside, while failure risks another sharp retracement into September’s historically volatile period.
Over the next 24 hours, Ethereum price is expected to consolidate between $4,525 and $4,750, with intraday bounces capped by overhead resistance. A break above $4,800 could trigger acceleration toward $5,000, while a close below $4,525 risks a slide to $4,400.
For the week ahead, the battle remains centered on $4,800 resistance. If ETH can break and sustain above it, upside momentum could extend into September despite seasonal weakness across broader markets. However, failure to hold the $4,400 pivot would keep bears in control.
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