Ethereum’s Dominance Grows as Whales Go on an $800M Buying Spree

Key Points

1. Ethereum whales and institutions have accumulated over $800 million in ETH in a week-long buying spree, with SharpLink Gaming purchasing 91,000 ETH (~$275M) in seven days.

2. ETH price has risen to around $3,137, pressing against the upper resistance of a rising wedge formation, with indicators like RSI (76.67) showing overbought conditions.

3. Lookonchain reported significant ETH purchases by whales, including one address buying 68,141 ETH ($213.8M) in four days and another accumulating 80,312 ETH ($252M) in six days.

4. Ethereum's market dominance has exceeded 10% for the first time since March 2020, signaling strong institutional interest and a potential uptrend.

5. Technical indicators such as the MACD and Chaikin Money Flow (CMF at 0.22) suggest bullish momentum, with the BoP remaining slightly positive.