Whales scoop 400K ETH as charts hint $5,500+

Amid the ongoing battle between bulls and bears for domination in the cryptocurrency market, Ethereum (ETH) might be looking at a break towards a new all-time high (ATH) as whales scoop up 400,000 ETH and charts hint at a $5,000 target.

As it happens, professional crypto trader Ali Martinez observed that whales had bought more than 400,000 Ethereum in the recent dip, bringing the total supply purchased to 29.43 million as of August 19, according to the chart data he shared in an X post on August 20.

Such massive interest from whales is just one optimistic indicator for Ethereum’s future movements, and others include the bull flag right under its ATH with rising momentum, the breakout of which could send ETH prices above $5,500, as fellow analyst Javon Marks noted.

Other bullish factors

At the same time, another popular crypto expert, Michaël van de Poppe, highlighted “a massively strong chart on ETH,” pointing out that creating a higher timeframe (HTF) on lower intervals would set Ethereum up for another test of the recent highs, which “should result into higher returns on altcoins.”

Additionally, he identified key buying zones, specifically in the $4,100 to $4,200 range, as areas of strong support. If macro or geopolitical factors continue pressuring the market, van de Poppe has suggested there remains a “30% chance” Ethereum could revisit deeper support levels near $3,900, but would still provide a favorable risk-reward setup for buyers.

Meanwhile, Martinez stressed that ETH was trading in a descending channel and consolidating between $4,342 and $4,219, where breaking the former would hint at bullish continuation toward $4,516 – $4,623, whereas losing the latter would risk going down to $4,061 and $3,862.

At press time, Ethereum was changing hands at the price of $4,261, suggesting a rise of 1.97% in the last 24 hours, as it moved to reverse the loss of 7% across the previous seven days and was still holding onto the 15.11% increase accumulated on its monthly chart, per the latest data.

All things considered, ETH is showing resilience at a time when many other crypto assets, including Bitcoin (BTC), are struggling to resume their bullish path, and could indeed end up in the $5,500+ territory (or perhaps even higher), should everything line up to its advantage.