Ethereum (ETH) has entered a consolidation phase after months of strong buying pressure, trading sideways just below its all-time high around $4,700. Despite this short-term pullback to $4,520-$4,533 levels, significant whale accumulation continues to dominate market activity.
Major whale transactions have been recorded across multiple exchanges. A newly created wallet "0x9d2E" withdrew 21,925 ETH ($102 million) from Kraken, while another wallet "0x9D99" pulled 5,297 ETH ($24.7 million) from Binance and Bitget. Simultaneously, wallet "0x7451" received 13,322 ETH ($61.65 million) from FalconX on September 15th. These back-to-back transactions total over $188 million in ETH moved off exchanges within a short timeframe.
Market analysts view this as a strong accumulation phase where deep-pocketed investors are positioning for Ethereum's long-term potential rather than short-term trading. Sean Dawson, head of research at Derive.xyz, notes that while September may bring volatility and consolidation due to fiscal year-end flows and profit-taking, the structural backdrop remains bullish: "Falling rates, institutional positioning, and bullish derivatives markets suggest there's still substantial upside ahead. This is likely not the cycle top."
Technically, ETH faces key resistance at $4,800-$4,880, with a daily close above $4,880 expected to trigger a strong breakout. Support sits at $4,200-$4,400, with the 50 SMA ($4,414) and 100 SMA ($4,452) providing immediate downside protection. Some commentators predict ETH could reach $10,000 this cycle, citing institutional accumulation and shrinking exchange balances as fundamental drivers.