The recent pullback in the Ethereum price from its all-time high of $4792 has caused concern among investors. This decline is attributed to ETF flow shifts and macroeconomic pressures, particularly influenced by a recent report from the US.
Despite this correction, major institutional players and whales are continuing to show their optimism for ETH crypto by accumulating on every dip. This indicates their confidence in the asset’s long-term trajectory. As a result, the current ETH price chart reflects a mix of cautious short-term sentiment and bullish long-term positioning.
The Ethereum price today is currently trading at $4,422, down more than 8% from its recent all-time high. The market capitalization stands at $529.21 billion, with daily trading volumes at $49.28 billion. This decline coincided with a U.S. Producer Price Index report showing a 0.9% month-over-month rise in July, the highest in three years. This inflationary data has led to a risk-off sentiment across financial markets, impacting the ETH price alongside equities.
Amid ETF outflows, BlackRock has shown consistent ETF flows, with its ETHA ETF recording inflows of $338 million. Other products, such as Fidelity’s FETH, faced outflows. While retail participants have shown signs of panic selling, institutional players and whales have been aggressively accumulating ETH. For example, Bitmine recently added another 106,485 ETH worth $470.5 million to its holdings.
Reports also indicate that high-profile investors, including former U.S. President Donald Trump, have been buying ETH, alongside purchases of BTC. Whale transactions from addresses holding more than $100,000 and $1 million in ETH have also increased, indicating strong accumulation trends.
The ETH price chart reflects a clear uptrend structure, despite the recent decline. Analysts are bullish on Ethereum, with a possible retest acting as the next springboard for a potential price increase. Based on this technical setup, an Ethereum price prediction of $6,000 before the end of August has been projected if momentum holds.
In conclusion, while the Ethereum price has experienced a recent pullback, the overall sentiment remains positive among institutional players and whales. The current market conditions indicate a mix of short-term caution and long-term bullishness for ETH.