Ethereum (ETH) Price: Large Holders Accumulate 350,000 ETH as Asset Trades Near All-Time High

TLDR

• Ethereum Futures volume reached $162.6 billion, claiming 50% of the total futures market
• ETH is trading at $4,763, slightly below its recent all-time high
• Large holders accumulated 350,000 ETH (worth $1.67 billion) over the past week
• Open Interest increased from $59 billion to $70 billion, with funding rates at a 7-month high
• Ethereum must hold $4,610 support; breaking above $4,948 could push it toward $5,500

Ethereum continues to show strength in the crypto market, trading at $4,763 as of press time. This represents a 1.01% increase on daily charts, though it remains slightly below the all-time high reached two days ago.

The second-largest cryptocurrency by market cap has been experiencing a remarkable shift in market dynamics, particularly in futures trading.

According to CryptoQuant analyst Maartunn, Ethereum Futures Trading Volume has reached $162.6 billion, accounting for approximately 50% of the total futures market. This surge has naturally reduced Bitcoin’s historical dominance and signals a capital rotation toward ETH.

A clear example of this trend is a Bitcoin OG who moved away from BTC to ETH and now holds 135,265 ETH worth $581 million in long positions, as reported by Lookonchain.

Ethereum’s Open Interest has also seen a dramatic increase, rising from $59 billion to $70 billion. This spike validates observations regarding steady capital inflow into Ethereum Futures.

When capital flows into futures markets, it typically reflects investors taking either long or short positions. Looking at Ethereum’s Funding Rates, which have surged to a 7-month high of 0.026, the data suggests long demand is outpacing shorts.

Strong Spot Demand Complements Futures Interest

Despite the futures market dominance, Ethereum’s spot demand remains resilient. According to Coinalyze, ETH posted $90.8k in Buy Volume against $85k in Sell Volume, giving a Buy-Sell Delta of 5.6k – a clear sign of accumulation.

Exchange data supports this view. On August 24, Ethereum‘s Exchange Netflow recorded a negative 26.6k ETH, meaning outflows surpassed inflows. A negative netflow typically suggests more buyers than sellers, which creates stronger upward pressure on prices.

Large holders have been quietly adding to their positions. Wallets holding between 1 million and 10 million ETH increased their supply from 7.42 million ETH ($35.39 billion) on August 19 to 7.63 million ETH ($36.39 billion) at press time.

This represents an additional 210,000 ETH, worth about $1.0 billion at the current price, absorbed over just a few days.

Similarly, the 10 million–100 million ETH cohort lifted holdings from 66.8 million ETH ($318.63 billion) to 66.94 million ETH ($319.30 billion), adding around 140,000 ETH valued at $668 million.

Such steady accumulation, even with Ethereum trading near its highs, points to underlying confidence in the asset.

Key Price Levels to Watch

From a technical perspective, Ethereum recently tested the 0.618 Fibonacci extension at $4,948, which has acted as strong resistance. A decisive daily close above this level would open the path toward the 1.0 extension at $5,496, effectively reaching the $5,500 milestone.

On the downside, the $4,610 zone aligns with both Fibonacci support and cost basis clusters. If ETH fails to hold this level, it could trigger a move toward $4,400.

However, on-chain data shows three key accumulation clusters have formed: $4,592–$4,648 with almost 866,000 ETH, $4,648–$4,704 with almost 700,000 ETH, and $4,704–$4,761 with almost 545,000 ETH.

Together, these layers of accumulation suggest heavy demand between $4,590 and $4,761. If ETH dips into this zone, buyers will likely absorb selling pressure quickly.

The Ethereum Liveliness metric, which measures whether coins are being held or spent, has climbed to its highest monthly reading over 0.70. Higher liveliness means more long-held coins are being moved, often associated with profit-taking.

The last time liveliness spiked in early August, Ethereum dropped from $4,748 to $4,077 within days. A similar cooling is possible now, though the scale may be smaller given the stronger demand zones underneath.

If current demand for ETH remains constant, we may see a recovery from the recent pullback and ETH reach the anticipated $5,000 mark. However, fading demand could drag it toward the $4,205 support level.

As of now, Ethereum is enjoying massive demand from both futures and spot markets, positioning the altcoin for potential further gains.

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