Ethereum (ETH) price gained traction following a massive purchase of $13 million by an ETH wallet associated with the U.S. president, Donald Trump.
This development was accompanied by institutional movement and technical indicators that pointed at a potential Ethereum price breakout to the previous all-time high.
President Trump-Linked Wallet Acquires 3,473 ETH
Notably, a wallet address linked to President Donald Trump conducted several massive Ethereum purchases, totaling 3,473 ETH, worth around $13 million. The inflows were made in various transactions over five hours.
Additionally, on-chain trackers recorded activity from various sources including CoW Protocol, Aave, and new mints from null addresses. This has fueled speculations over a potential Ethereum price rally ahead.
According to the data shared by Ash Crypto, all tokens were directed to a single wallet ending in “77a56647fba.”
Transaction logs showed precise entries of 1,070 ETH, 1,600 AETHWETH, and $6 million USDC converted to ETH, among others. This activity suggested a planned accumulation strategy.
Consequently, it corresponded to the trend of the entire Ethereum market and coincided with a period of increased institutional interest. The wallet’s actions have drawn attention due to both the identity association and the scale of the purchase.
BlackRock’s Ethereum ETF Records Over $426 Million Inflow
The institutional interest in Ethereum extended beyond individual wallets. On July 22, BlackRock received net inflows of 115,295 ETH or an equivalent of $426.2 million to its Ethereum ETF (ticker: ETHA).
Furthermore, data compiled by Trader T showed that this was the third largest single-day net inflow in the history of the ETF. It was also the fifth time the ETF received more than 100,000 ETH in one day.
This institutional trading was an indication of an increase in demand by institutional investors to acquire exposure to Ethereum via regulated financial tools.
The inflows were part of a larger pattern recorded in all of the spot Ethereum ETFs that overall reached over half a billion in new capital in 24 hours.
July 22 was the 13th straight day of ETF inflows, totalling more than 4 billion new capital. The analyst mentioned that five of the six biggest single-day inflows into ETH ETFs have happened in the past two weeks.
Ethereum Price Approaches Key Resistance
Amid these developments, the ETH/USDT weekly chart showed that Ethereum price was near a crucial level of resistance at approximately $3,700. The level has been the top side of a long-term symmetrical triangle pattern.
The pattern dates to 2022, squeezing Ethereum (ETH) price action into a contracting area of consolidation. At the time of writing, Ethereum price was trading at around $3,695 and trying to reach beyond the upper trendline.
Moreover, this level of resistance has already caused sell-offs in the past. However, the current momentum and external buying pressure can change that.
A breach and a continued push beyond $3,700 may invalidate the upper limit on the triangle and predict the resurgence of Ethereum price.
Weekly Close Above $3,700 May Open Path to All-Time High For Ethereum (ETH) Price
Therefore, a weekly close over the $3,700 resistance might be the confirmation of a bullish breakout of the multiyear triangle.
According to market pundits, this action would set Ethereum price territory that would have minimal overhead resistance.
Additionally, the next significant target is close to Ethereum price former all-time high of $4,891 set back in late 2021. Several conditions drive the current momentum.
The combination of increasing flows into ETFs, the recent whale accumulation, plus long-term trendlines provided a zone of convergence.
The weekly chart revealed an intense bullish Ethereum (ETH) price action towards the resistance zone, with above-average volume.
Source: https://www.thecoinrepublic.com/2025/07/23/can-ethereum-price-breakout-and-hit-new-ath-as-trumps-wallet-buys-3473-eth/