After a strong rally last month that catapulted Ethereum to a fresh all-time high near $5,000, the altcoin suffered a choppy price action.

However, Ethereum is making a push to reclaim the crucial $4,500 level, as deep-pocketed ETH whales quietly load up in the background.

Whale Buying Spree

Ethereum is seeing steady accumulation from mid-sized whales and sharks holding 1,000-100,000 ETH.

Over the past five months alone, these influential investors have boosted their holdings by 14%, amidst growing confidence, according to the latest data shared by Santiment. This trend started when ETH was trading near yearly lows of around $1,800-$1,400.

Such a pattern can provide strong support for the altcoins ongoing price momentum. Beyond these mid-sized wallets, Altcoin Vector zooms in on specific whale cohorts and found that the buying activity from these hodlers also aligns with ETHs broader price impulse.

Its data revealed that Ethereum is breaking free from the bearish compression that has weighed on its price, but a decisive push beyond $5,000 depends on renewed whale accumulation. Their analysis highlights that between mid-July and August, mega whales holding at least 10,000 ETH, followed by large whales with 1,000-10,000 ETH, significantly increased their holdings.

Interestingly, these periods of accumulation coincided with the development of Ethereums aggregate impulse, which points to the influence of strong hands on price momentum. For ETH to clear the all-time-high zone without stalling, a similar wave of conviction-driven accumulation is essential. While there is visible spot demand for Ethereum, derivatives-led speculation has played a larger role in moving the price recently.

However, a breakout above resistance could change this, and boost spot-driven confidence to spark the next strong impulse. If such momentum materializes, Ethereum may finally overcome prior highs and establish itself firmly above the $5,000 threshold.

500,000 ETH Leaves Exchanges

The popular crypto analyst Ali Martinez reported that 500,000 ETH, worth around $2.1 billion, was withdrawn from centralized exchanges over the past week.

Large-scale outflows like these are often interpreted as investors moving assets into self-custody, which can lower selling pressure on exchanges at a time when the asset is attempting to reclaim key resistance levels.