• Ethereum whales bought more than 840,000 Ethereum in the past two weeks.

  • The balance in accumulation addresses grew by a record 5.6 million Ethereum in September, despite the price drop during the month.

  • Ethereum has surpassed the 50-day simple moving average and is now testing resistance at $4500.

Ethereum ($ETH ) continued its upward trend on Thursday, testing resistance at $4500 after ongoing buying activity across whale addresses and accumulation addresses.

Ethereum whales buy 840,000 Ethereum, and accumulation addresses record a new all-time high

Ethereum whales increased buying pressure over the past two weeks following the decline in Ethereum, and continued even with the recent recovery.

Since September 18, investors with a balance of 10,000 to 100,000 Ethereum have increased their collective holdings by 840,000 Ethereum, according to CryptoQuant data. The continued buying pressure from whales during price declines often indicates confidence in price recovery, which occurred last week.

A similar movement is seen across accumulation addresses - wallets with no selling activity - which added a record 5.6 million Ethereum to their balance in September. Accumulation addresses have now recorded a new all-time high in monthly purchases for the third consecutive month.

Ethereum balance in accumulation addresses. Source: CryptoQuant

Institutional demand has also returned for the top altcoin, as Ethereum ETFs in the United States recorded three consecutive days of net inflows, totaling $755.2 million on Wednesday, according to SoSoValue data.

While fundamental demand continues to expand, the recent recovery in prices has prompted some whales to take partial profits, according to aggregated data from smart money tracker Lookonchain.

On the derivatives side, open interest (OI) remained largely low, despite the price recovery we saw last week. However, signs of a return to risk-oriented sentiment emerged on Thursday, following a jump of 280,000 Ethereum in this metric, according to Coinglass data. The lag in open interest growth suggests that the recent recovery in prices $ETH is largely driven by spot buying pressure rather than leverage.

Open interest for Ethereum. Source: Coinglass

Ethereum Price Forecast: Ethereum tests $4500 resistance after surpassing the 50-day simple moving average

Saw $ETH $129.9 million in futures liquidations over the past 24 hours, with short position liquidations accounting for $106.2 million.

The leading altcoin has surpassed the 50-day simple moving average and is now testing $4500 resistance, which has proven to be a key level over the past two months. Just above $4500, there is a descending trendline that Ethereum needs to overcome before a potential move to $4835.

Daily chart of Ethereum/Tether

Support levels at $4100 and the 100-day simple moving average are key levels to watch if Ethereum faces rejection at $4500.

The Relative Strength Index (RSI) is above neutral while the Stochastic Oscillator (Stoch) is slightly in overbought territory, indicating prevailing upward momentum.

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