š Ethereum Supply Dries Up as Whales Accumulate ā $4K Breakout Ahead?
Ethereum is showing bullish strength after bouncing from the $3,730 daily support and pushing past $3,800. On-chain data reveals a historic trend: exchange reserves have plunged to a 9-year low, signaling reduced sell pressure, while whale wallets continue stacking ETH aggressively.
To mark Ethereumās 10th anniversary, The Ether Machineās subsidiary, The Ether Reserve LLC, bought 15,000 ETH ($56M) at $3,809, boosting its long-term holdings to over 334,000 ETH. With $407M still available, more institutional buys could follow.
Meanwhile, US spot Ethereum ETFs saw steady inflows of $5.79M on Wednesday, keeping Julyās total inflows at a record $5.14B.
With dwindling supply, rising demand, and bullish sentiment, ETH looks poised to challenge the $4,000 psychological resistanceāpossibly extending toward the $4,488 December 2021 high. However, a close below $3,730 could threaten a drop toward $3,500.
