Flow

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Whales, or large Ether-holding entities, continue accumulating as Ether remains stuck under a key psychological resistance line.
A whale has acquired 5,000 Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) tokens worth over $12.8 million at its current valuation.
The last time this whale address bought the dip was when Ether fell to the $2,100 mark, shortly before it recovered to $3,100, <a href="https://x.com/0xScopescan/status/1822945847283474658" target="_blank" rel="noopener nofollow">according</a> to an Aug. 12 X post by Scopescan.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/4ec48b40-6cd0-42a5-9dbc-be1525fdac93.jpeg" alt="Whale buys nearly $13M of Ether, but price needs to reclaim $2.7K for next leg up" title="">
 <figcaption style="text-align: center;">
 Ether whale transactions. Source: Scopescan
 </figcaption>
</figure>
Investors often look at whale buying patterns to determine the sentiment around the underlying asset. The last time this whale bought Ether marked the local price bottom just before a strong recovery.
Related: <a href="https://cointelegraph.com/news/bitcoin-price-drops-below-59k-institutional-stablecoin-pause">Bitcoin price drops below $59K as institutions stop buying stablecoins</a>
<h2 data-ct-non-breakable="true" id="ether-needs-to-surpass-2-700-for-more-upside-analyst">Ether needs to surpass $2,700 for more upside — Analyst</h2>
Ether staged a significant recovery following the&nbsp;<a href="https://cointelegraph.com/news/top-50-cryptos-lose-2024-gains-510b-selloff">$510 billion crypto market sell-off</a>&nbsp;on Aug. 5 and 6.
Its price rose over 18% during the past week to trade at $2,655 as of 11:08 am UTC, <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener nofollow">according</a> to CoinMarketCap data.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/c72af69e-584b-420f-a464-1718903ac551.png" alt="Whale buys nearly $13M of Ether, but price needs to reclaim $2.7K for next leg up" title="">
 <figcaption style="text-align: center;">
 ETH/USDT, 1-day chart. Source: CoinMarketCap
 </figcaption>
</figure>
Despite the recovery, Ether needs to decisively reclaim the $2,700 resistance for more upside momentum, according to Aurelie Barthere, principal research analyst at Nansen.
Barthere told Cointelegraph:
<blockquote data-ct-non-breakable="true">
 “There has already been a death cross of ETH (50-day below 200-day). ETH needs to hold above $2,700, or the resistance tested yesterday and in January 2024.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/9a0c8a75-239b-4137-bd01-787fe1913a8f.jpg" alt="Whale buys nearly $13M of Ether, but price needs to reclaim $2.7K for next leg up" title="">
 <figcaption style="text-align: center;">
 ETH/USD, 1-day chart, key trend lines. Source: Nansen
 </figcaption>
</figure>
A “death cross” is a technical chart pattern that reflects short-term price weakness compared to the long-term average moving price of the underlying asset. A death cross can often signal a favorable opportunity to purchase an asset at a discounted price.
Related: <a href="https://cointelegraph.com/news/magnificent-7-crash-ai-oversupply-bitcoin-downside-volatility">Tech giants losing momentum as AI progress disappoints investors</a>
<h3 data-ct-non-breakable="true" id="ether-etfs-net-outflow-spree-continues">Ether ETFs: Net outflow spree continues</h3>
Institutional inflows remain disappointing despite the historic launch of the first spot Ether exchange-traded funds (ETFs) in the United States, which <a href="https://cointelegraph.com/news/grayscale-transfers-1b-eth-coinbase-ahead-ether-etf-launch">debuted for trading on July 23</a>.
The nine US spot Ether ETFs saw $15.8 million worth of cumulative negative outflows on Aug. 9, <a href="https://farside.co.uk/eth/" target="_blank" rel="noopener nofollow">according</a> to Farside Investors data.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/2b3b1a4e-0a16-4a69-8bd4-525d6e3fcf35.png" alt="Whale buys nearly $13M of Ether, but price needs to reclaim $2.7K for next leg up" title="">
 <figcaption style="text-align: center;">
 Spot Ether ETF flows (US dollars, million). Source: Farside Investors
 </figcaption>
</figure>
Since launching, spot Ether ETFs have recorded $406 million worth of cumulative net outflows, partially contributing to Ether’s lagging price action.
<a href="https://cointelegraph.com/explained/what-are-etf-fund-flows-and-why-do-they-matter"></a><a href="https://cointelegraph.com/explained/what-are-etf-fund-flows-and-why-do-they-matter">ETF inflows can significantly contribute</a> to a cryptocurrency’s price appreciation. For Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>), ETFs accounted for about <a href="https://cointelegraph.com/news/bitcoin-etfs-about-75-new-investment">75% of new investment</a> in the cryptocurrency by Feb. 15 as it surpassed the $50,000 mark.
Magazine: <a href="https://cointelegraph.com/magazine/bitcoin-price-prediction-ethereum-altcoins-crypto-trader-roman-hall-of-flame-cointelegraph/">Ethereum price will lag for ‘months’ as Bitcoin surges: X Hall of Flame, Roman</a>

Whale buys nearly $13M of Ether, but price needs to reclaim $2.7K for next leg up

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