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ETH Key Points
The net inflow of Ethereum ETF reached US$244.94 million this week, the strongest weekly performance in nearly four months
Giant whale purchased 80,000 ETH units (Worth US$152 million), pushing the whale sentiment index to 66
ETH's current trading price is about US$1,923. It needs to break through the US$1,920 resistance level to hit US$1,960, and finally move towards US$2,000.
A senior whale cleared 7,323 ETH. A loss of US$6 million since it was held in 2022
The U.S. Senate launched the first round of voting on the CLARITY Act, which is expected to advance to the September vote
Market Overview and ETF Capital Trends
Ethereum currently trading price is approximately US$1,923, an increase of approximately 1% in the past 24 hours. After rebounding from $1,820 last week, the asset maintained an upward trajectory in the upward channel throughout August.
The net inflow of the spot Ethereum ETF last week was US$244.94 million, its best performance in nearly four months. Total cumulative net inflows climbed to US$11.46 billion, with weekly trading volume reaching US$2.38 billion.
Market analyst Ted pointed out that these data indicate that institutional interest has regained its vitality after a downturn at the beginning of the year. The positive trend of weekly net inflows has gradually taken shape before: US$105.44 million was recorded on July 17, US$103.9 million was recorded on July 24, and then accelerated further in August.
At the same time, Bitcoin ETF had a net inflow of US$98.85 million on August 7, achieving positive inflow for the fifth consecutive trading day. The spot Ethereum ETF contributed US$49.6 million that day, continuing the positive inflow trend for four consecutive days.
Giant Whale Position Trend
Two important wallets purchased a total of 80,000 ETH pieces, with a total value of US$152 million. The first wallet withdrew 30,000 ETH (worth $57.21 million) from Coinbase Prime and distributed them to three newly created addresses. The second wallet purchased 50,000 ETH units (worth $95.73 million) from addresses associated with Fidelity.
The Ethereum Whale Sentiment Index has remained above 60 for two consecutive days and above 50 for six consecutive days. The index is currently around 66, indicating that major holders are increasing their holdings on a large scale.
However, not all whales remain bullish. A long-term holder sold 7,323 ETH units for US$13.96 million, confirming a loss of US$6 million. The wallet was opened between February 2022 and March 2023, with an average purchase cost of US$2,723.
Market analyst Ali Charts observed that the Ethereum monthly chart generated two TD Sequential buy signals last month-Black 9 and S13. He emphasized that every TD Sequential signal at the monthly level in the past four years accurately predicted the direction of the ETH trend. For example, April 2022 correctly predicted a decline of-75% and September 2022 predicted a surge of +236%. If history repeats itself, these signals could catalyze a new round of gains to $3,000.
Key Price Levels and Technical Outlook
ETH's RSI is currently 61.03, which is in bullish territory but has not entered overbought status. The MACD line (10.31) is slightly higher than the signal line (9.85), and the histogram is positive 0.46.
ETH is currently trading above the 20-day and 50-day moving averages, while testing the 100-day moving average. A successful breakthrough of this level could establish an upward path towards the 200-day exponential moving average of $2,147.
After confirming the breakthrough of US$1,920, US$1,960 will become the short-term goal, and the psychological critical level of US$2,000 will be the follow-up goal. If ETH is blocked at US$1,920, initial support will be US$1,880, with US$1,860 being secondary support.
Policy Developments
On August 8, the U.S. Senate launched the first round of voting on the CLARITY Act. The bill needs to obtain a 60-vote threshold before it can advance to a full vote in September.
