Ethereum is attempting to reclaim higher price levels as major investors continue to demonstrate confidence through sustained multimillion-dollar purchases.

At the time of writing, ETH is trading at $1,912.62, representing a 0.19% gain over the past 24 hours. The latest whale acquisition comes amid a steady technical outlook for the asset, with spot ETF inflows providing an additional layer of support.

Whale Accumulates Another $19M in ETH

Blockchain analytics platform Lookonchain reported that an OTC whale identified as wallet 0x8c58 "bought another 10,000 $ETH ($19.1M) today." The same wallet previously acquired 27,000 ETH ($52.03M) two weeks earlier, according to the platform.

These transactions were executed through the over-the-counter (OTC) market, a channel frequently used by large investors to acquire significant positions without directly impacting exchange prices. OTC purchases settle privately between counterparties rather than on public order books, which is why consecutive acquisitions of this size can occur without visible spikes in exchange volume. Trakers monitor such activity as a gauge of conviction among large holders, particularly when it persists during periods of price consolidation below key technical resistance.

While a single purchase does not necessarily signal an impending rally, repeated accumulation by large investors is closely monitored by traders. The continued buying also suggests that some market participants view current price levels as attractive, even as Ethereum trades below its long-term resistance.

OTC whale 0x8c58 bought another 10,000 $ETH ($19.1M) today. Two weeks ago, the whale also bought 27,000 $ETH ($52.03M). pic.twitter.com/QLkr1S0rAs — Lookonchain (@lookonchain) August 6, 2026

Ethereum Maintains Key Technical Support

On the TradingView daily chart, Ethereum continues to trade above its 50-day moving average at $1,792, which is functioning as near-term support during the ongoing recovery.

The next significant technical hurdle is the 200-day moving average, located near $2,068. A breakout above this level would reinforce the broader bullish structure, while a rejection could keep prices confined to their current trading range. The 200-day moving average is one of the most widely tracked long-term trend indicators in technical analysis, and a reclaim of it is often interpreted by traders as a confirmation of sustained directional strength rather than a short-term bounce.

The Relative Strength Index (RSI) currently sits at approximately 56, indicating that momentum remains positive without reaching overbought conditions. This suggests buyers still have room to push prices higher, though stronger momentum will be necessary to overcome the next resistance zone.

ETF Inflows and Derivatives Data

Ethereum's derivatives market continues to reflect active participation. CoinGlass data shows open interest holding near $26 billion, indicating that traders are maintaining their positions rather than reducing exposure. Trading volume also remains robust, suggesting that market participation has persisted following recent price movements.

According to SoSoValue, institutional demand is further supported by spot Ethereum ETFs, which recorded daily net inflows of $60.86 million. Cumulative net inflows into these products have now surpassed $11.3 billion. Spot Ethereum ETFs began trading in the United States in mid-2024 following SEC approval, opening a regulated channel for institutional and retail exposure to ETH without direct custody. The pace of inflows into these products has become a closely followed barometer of institutional sentiment toward Ethereum, complementing on-chain metrics such as whale accumulation.

The combination of steady ETF inflows and continued whale accumulation points to demand from both institutional investors and large cryptocurrency holders, lending additional support to Ethereum's ongoing recovery.

Key Levels to Monitor

Ethereum is at a critical juncture. Buyers have successfully defended support above the 50-day moving average, and reclaiming the 200-day moving average around $2,068 would serve as an important confirmation that the recovery is gaining strength.

Large whale purchases, healthy derivatives activity, and consistent ETF inflows all continue to underpin Ethereum's recovery efforts. However, a definitive breakthrough above the resistance line remains the next key signal for a sustained advance. Until that occurs, market participants will be watching whether current demand levels are sufficient to maintain the upward trajectory.