Wrapped Ethereum (WETH) recorded 113,000 whale transactions worth more than $100,000 over the past week — the highest level since May 2021. The surge comes as Ethereum's price rose to $1,934 on Wednesday, up nearly 9% on the week and 4.5% on the day. The data suggests significant capital is flowing through Ethereum's trading, lending, and DeFi infrastructure rather than sitting idle.
Whale activity signals capital in motion
The spike in large WETH transfers points to active use of Ethereum's ecosystem. Santiment noted increasing institutional demand, highlighting Bitmine's holdings of around 5.8 million ETH and backing from Bitmine, SharpLink, and Joe Lubin for Ethlabs. The firm also pointed to accelerating inflows into US spot Ether ETFs, with BlackRock's products absorbing a large share. Meanwhile, growing activity on Robinhood Chain — which uses ETH for gas and has processed heavy DEX volume since its July 1 launch — adds another layer of demand.
Price levels to watch
Analysts are watching key support and resistance zones. Ali Martinez said Ethereum must hold $1,850; his next upside target is $2,300. Michaël van de Poppe believes if ETH holds above $1,800, it should trigger a continuation upwards. Tony Research predicts ETH could first climb above $2,000, then move toward $2,200 if Bitcoin reaches $70,000. But Tony also forecasts a decline to a final bottom zone between $1,260 and $890 after that rally, calling it a dollar-cost averaging opportunity. That decline, he said, would pave the way for a new bull cycle, with ETH eventually targeting $7,000.
Institutional and retail tailwinds
Beyond whale transactions, the broader picture shows growing institutional appetite. Santiment's data on Bitmine's ETH stash and the Ethlabs backing from Bitmine, SharpLink, and Joe Lubin underscore that big players are accumulating. US spot Ether ETF inflows are accelerating, with BlackRock leading the charge. On the retail side, Robinhood Chain's heavy DEX volume since its July 1 launch is driving more ETH usage for gas fees. The combination of whale activity, ETF demand, and new chain usage is keeping Ethereum in focus.
The immediate test for Ethereum is whether it can hold above $1,850. If it does, the path to $2,300 opens up. If not, the next support at $1,800 becomes critical. With whale transactions at a five-year high and institutional money flowing in, the next few days will show whether this is the start of a sustained move or just a flash in the pan.
