Ethereum price started a fresh increase above the $3,020 zone. ETH is now consolidating gains and might correct lower toward the $3,040 zone. Ethereum started a fresh increase above the $3,040 level. The price is trading near $3,050 and the 100-hourly Simple Moving Average. There was a break above a bearish trend line with resistance at $2,990 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if it remains supported above the $3,000 zone in the near term. Ethereum Price Extends Gains Above $3,000 Ethereum price started a fresh increase above the $2,880 zone, outperforming Bitcoin . ETH price gained pace for a move above the $2,950 resistance zone and entered a positive zone. The bulls even pumped the price above $3,050. There was a break above a bearish trend line with resistance at $2,990 on the hourly chart of ETH/USD. Finally, it tested the $3,150 zone. A high was formed at $3,152 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $2,935 swing low to the $3,152 high. Ethereum price is now trading above $3,000 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $3,120 level. The next key resistance is near the $3,150 level. The first major resistance is near the $3,220 level. A clear move above the $3,220 resistance might send the price toward the $3,300 resistance. An upside break above the $3,300 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,420 resistance zone or even $3,450 in the near term. Are Downsides Limited In ETH? If Ethereum fails to clear the $3,150 resistance, it could start a downside correction. Initial support on the downside is near the $3,100 level. The first major support sits near the $3,040 zone. A clear move below the $3,040 support might push the price toward the $3,000 support. Any more losses might send the price toward the $2,950 support level in the near term. The next key support sits at $2,880. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $3,000 Major Resistance Level – $3,150
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A single wallet that has sat untouched since 2011 jolted the market overnight, wiring 40,009 BTC—worth roughly $4.68 billion at prevailing prices—to New York‑based trading giant Galaxy Digital. The address had held 80,009 BTC in total and had never previously moved funds in the modern era. According to on‑chain sleuth Lookonchain, “the Bitcoin OG with 80,009 BTC ($9.46 B) has transferred 40,009 BTC ($4.68 B) to Galaxy Digital,” and Galaxy “has directly deposited 6,000 BTC ($706 M) into Binance and Bybit.” Bitcoin OG Whale Awakens The activity began late Monday evening (UTC). First, 9,000 BTC—about $1.06 billion—left the dormant wallet, followed an hour later by another 7,843 BTC ($927 million) Over the next five hours several smaller tranches arrived at Galaxy Digital’s custodial accounts before the decisive push that brought the running total to 40,009 BTC. Blockchain explorers show the coins originated from a bech32 address that first received block rewards in early 2011, when bitcoin changed hands for less than one US dollar. Related Reading: Bitcoin Price Trajectory To $155,000: Why No Major Dips Are Expected From Here Notably, Galaxy Digital operates one of the largest over‑the‑counter (OTC) desks in the industry and regularly intermediates block trades for institutions seeking to avoid slippage on public venues. The firm advertises “premier execution” and bespoke liquidity provisioning for trades that are too large for order‑book execution. On‑chain analysts therefore read the wallet’s choice of counterparty as a signal that the owner intends to liquidate at least part of the hoard discreetly rather than deploy it into DeFi or cold storage. Within hours of receiving the coins, Galaxy split 6,000 BTC between Binance and Bybit, the two venues that currently post the deepest spot‑BTC liquidity. Bitcoin had just printed an all‑time high of $123,153 on 14 July, buoyed by Washington’s “Crypto Week” legislative push. As the OG whale’s transactions hit public mempools, spot prices recoiled more than 6%, sliding from $123,000 to an intraday low near $115,700 before stabilising around $116,900 at press time. Related Reading: The Bitcoin Liquidity Supercycle Has Just Begun, Says Hedge Fund CEO With half of the stash now under Galaxy’s control and only a fraction confirmed as exchange deposits, traders are bracing for further transfers. If Galaxy executes an OTC cross, the impact could be muted; if the coins bleed into order books, bids at $112,000‑$115,000 will face a major test. US Inflation Data Dampens Sentiment However, today’s price drop can not solely be attributed to the OG whale’s doing; it coincided with the US Bureau of Labor Statistics’ June CPI print, which showed headline consumer prices rising 0.3 % month‑on‑month and 2.7 % year‑on‑year—up from 2.4 % in May—while core CPI ticked up 0.2 % on the month and 2.9 % on the year. The modest print pushed the dollar index above 95.5, and risk assets have been whipsawing ever since. “The price action on the dollar pretty much tells you everything you need to know about this CPI report—mixed and the market is trying to digest it and to figure out the direction today,” observed Daan Crypto Trades on X. At press time, BTC stood at $116,972. Featured image created with DALL.E, chart from TradingView.com
Bitmine has notably expanded its Ethereum (ETH) reserves, now exceeding the holdings of major exchange Coinbase. This shift underscores a growing trend among institutional investors prioritizing direct asset accumulation over
Bitcoin demonstrates resilience as it maintains an upward trajectory supported by robust market fundamentals. According to Matt Mena, a crypto research strategist at 21Shares, the current market dynamics reveal a
Bitcoin’s recent surge to new all-time highs is underpinned by a significant structural imbalance between soaring demand and dwindling supply, signaling resilience against major downturns. Despite reaching unprecedented price levels,
Bitcoin’s “structural imbalance” signals that it probably won’t experience a significant downturn in the near term, says 21Shares crypto research strategist Matt Mena.