In brief
The price $ETH bounced back above $4600, despite a sell-off of 2.59 million ETH, the second-largest this year.
The accumulation of large holders has increased by almost 100% over the past seven days, intensifying buyer pressure.
Bulls maintain control, keeping the target growth level for Ethereum above $5000.
In the last 24 hours, the Ethereum rate corrected by more than 2%, briefly dipping below $4500 before recovering to above $4600. The drop occurred against the backdrop of a general cryptocurrency market crash, resulting in a total cryptocurrency market value decline of over $240 billion, with nearly $1 billion in asset liquidations.
The second-largest annual inflow to exchanges signals selling pressure
On August 14, 2,594,168 ETH flowed to exchanges, marking the second-largest single-day inflow to exchanges in 2025, following a spike of 3,264,688 ETH on February 3.
The inflow to exchanges usually signals potential selling pressure from sellers, and this spike was partially caused by Ethereum Foundation wallets, which have recently been among the largest sellers.
Historically high local maxima of inflow lead to price corrections, as seen in the first half of 2025. At that time, the price of Ethereum was in a downtrend, and each local maximum of exchange inflow led to sharper declines.
The situation was different, as seen on July 18 (2,381,361 ETH) and August 12 (2,335,642 ETH), when the two current local maxima were driven by inflow. Unlike the February spikes caused by a downtrend, these recent inflows occurred against a backdrop of an uptrend, where selling pressure is offset by strong buying power. This absorption of buyers is now a critical factor supporting Ethereum's bullish structure.
Large inflows of holders demonstrate that purchasing power is absorbing supply
Confirming this absorption theory, the influx of large holders—addresses holding at least 0.1% of the total ETH supply—remains high. Despite a slight decrease on August 13, the seven-day change was +98.71%, and the 90-day change was +255.27%. These wallets are known for their aggressive accumulation during downturns.
For example, from July 31 to August 1, when the price of ETH fell from $3781 to $3577, the influx of large holders jumped from 240,190 ETH to 687,290 ETH.
Even after short pullbacks, this inflow continued to reach increasingly higher highs on the monthly chart. On August 13, this figure reached 725,000 ETH and then stabilized above 617,000 ETH. This is a sign that wealthy buyers continue to build positions.
Exchange inflow tracks the movement of coins to exchanges, often signaling potential sales. In contrast, inflow from large holders measures the amount accumulated by wallets holding at least 0.1% of the total supply. This is an indicator of pressure from large players.
The price structure of Ethereum remains intact as bulls maintain control
From a technical perspective, the price of Ethereum remains in an uptrend, with the $4480 area acting as a strong support level during the latest decline. The nearest resistance is at $4785, a key Fibonacci extension level. A daily close above this level could open the way to the psychologically significant level of $5000, more precisely, to $5175.
The bull-bear strength indicator still favors buyers, showing that despite the large inflow of currency, bears have not taken control of the situation.