Ethereum (ETH) Price Holds $4,600 Support As Whales Buy $427M

As Ethereum (ETH) sees renewed whale demand and inflows, the market is left wondering whether these factors might offer an impetus to the price.

Ethereum traded near $4,600 at the time of writing, consolidating after repeated tests of the $4,750 resistance area.

What is the possibility of a breakout above $4,800 in the coming weeks?

ETH Price Consolidates Near Key Resistance

The ETH price stabilized around $4,600 after peaking near $4,750 earlier in the week.

Analysts said the token remained in an ascending channel with immediate support near $4,500 and resistance in the $4,750 to $4,800 zone.

Technical analysts pointed to Ethereum’s recent move above a descending trendline as a positive development.

CryptoGoos, a market commentator, said the breakout created conditions for a potential move toward $10,000 in the longer term, but he added that sustained closes above $4,800 were required for confirmation.

Momentum indicators remained supportive at press time. The Relative Strength Index (RSI) was near 54, a level that showed room for further gains before the market reached overbought conditions.

Ethereum also traded above its 20-day and 50-day exponential moving averages, with the 20-day EMA near $4,572 and the 50-day EMA near $4,526.

Whale Accumulation and Institutional Flows

On-chain data highlighted renewed interest from larger investors. On August 27, Ethereum recorded more than $90 Million in positive inflows, reversing several months of steady outflows.

Exchange balances showed more ETH leaving centralized platforms, which analysts often interpreted as accumulation.

One of the largest single-day events of the year occurred when Bitmine purchased about $427 Million worth of ETH.

Analyst TedPillows said large-scale whale activity often preceded stronger moves in the market, as large investors positioned before expected demand shifts.

This development contrasted with Bitcoin, which continued to see ETF-related outflows.

Some analysts said the divergence could allow Ethereum to outperform Bitcoin if institutional accumulation of ETH continued into September.

ETH Price Outlook and Forward Divers

The next resistance test for the ETH price was the $4,800 area. Analysts said a clear breakout could open targets near $5,000, with secondary ranges between $5,200 and $5,400.

Analyst Lord Hawkins said the $6,000 level could become achievable in the coming months if Ethereum maintained support within its channel and broke above $4,800 with momentum.

Prediction market Polymarket assigned a 76 percent probability for Ethereum to reach $5,000 by the end of the year, though expectations for a move to $10,000 remained low.

On the downside, $4,500 served as the first support level. A stronger floor was visible near $4,400, where the 100-day EMA converged with prior lows.

A breakdown below that zone could expose Ethereum to lower ranges near $4,100 to $4,200.

Fundamental activity supported the token’s longer-term position. Ethereum staking remained active, with validator rewards attracting institutional demand.

Gas fees, which had spiked earlier in the year, stabilized at lower levels.

Layer 2 ecosystems such as Arbitrum, Optimism, and zkSync continued to expand their transaction volumes and total value locked, reinforcing Ethereum’s broader scaling narrative.

What Ethereum Traders Need To Look Out For?

Ethereum entered September with technical conditions favoring cautious optimism. Momentum indicators, sustained inflows, and whale activity created a constructive backdrop.

Resistance levels above $4,800 remained decisive. Analysts said network fundamentals, including growth in Layer 2 scaling and steady staking activity, could strengthen Ethereum’s long-term profile.

And amid all of these developments, the market tested whether $5,000 would be achieved before year-end.