Ethereum’s Dominance Grows as Whales Go on an $800M Buying Spree

A massive $800 million buying spree from just a handful of whale and institutional wallets has fueled Ethereum’s recent surge, which has pushed its price to over $3,100. This aggressive, week-long accumulation provides hard, on-chain evidence of the powerful institutional demand driving the current rally as the crypto presses against a key technical pattern.

After weeks of gradual ascent, ETH is now trading around $3,137, pressing against the upper resistance of a rising wedge formation.

The Whale Hunt: A Breakdown of the $800 Million Buying Spree

In the last week alone, Ethereum has seen an extraordinary level of institutional interest. Blockchain analytics firm Lookonchain highlighted several wallet addresses making massive ETH purchases.

• One such address, 0x9684, bought 27,806 ETH worth approximately $85.57 million from FalconX just three hours ago, with total purchases over the past four days amounting to 68,141 ETH ($213.8 million).
• Similarly, wallet 0x35fb acquired 80,312 ETH ($252 million) over the past six days, including a $25.17 million buy from Kraken just hours ago. Another buyer, 0x3c9E, has accumulated 26,000 ETH ($73.45 million) over the last 12 days.
• Perhaps the most notable among these is SharpLink, a known institutional entity, which added another 6,377 ETH ($19.56 million) to its holdings. In the past seven days alone, SharpLink has accumulated a staggering 91,330 ETH worth approximately $275 million.

Related: The Ethereum Foundation Is Rebuilding Its Core with ZK-Proof Technology

ETH Dominance at Levels Not Seen Since 2020

This whale accumulation is happening as Ethereum is reaching a key milestone against Bitcoin. According to the analyst Rekt Capital, Ethereum’s market dominance has surpassed 10% during an uptrend for the first time since March 2020.

In previous cycles, similar dominance shifts have preceded broader altcoin rallies and ecosystem growth.

Related: Ethereum (ETH) Price Prediction For July 16

ETH Price Analysis: Indicators Point Toward a Decisive Move

ETH has broken out of a long-term descending channel earlier this year and has since established a rising wedge pattern, currently trading right at the wedge’s upper resistance, making the next few days crucial.

The RSI sits at 76.67, which places Ethereum firmly in overbought territory. The MACD indicator also remains bullish with the orange signal line below the blue MACD line. Additionally, the BoP remains slightly positive, signaling that the bulls still have control.

Finally, the Chaikin Money Flow (CMF), currently at 0.22. Readings above 0.20 typically indicate strong institutional inflows and suggest that capital is entering Ethereum at a significant rate.