Ethereum (ETH) is approaching a critical moment as its price struggles near $4,350 while whales scoop up massive amounts of ETH. According to CoinMarketCap data on September 2, 2025, ETH trades at $4,349.55 with a 24-hour volume of $40.09 billion. The token slipped 1.03% on the last day. Meanwhile, the global crypto market cap rose 1.21% to $3.83 trillion, showing broader strength.
CryptoQuant analyst CryptoOnchain noted that Ethereum is reacting to resistance at $4,800 before pulling back to the $4,300 region. Strong support continues to hold near $4,000. According to the analysts’ on-chain data, there is a bullish backdrop as ETH balances on Binance and OKX deposits dropped sharply to a yearly low.
In response to the $3,400 to $4,750 price increase since the beginning of August, sell pressure has eased for BTC, as evidenced by a reduction in reserves. This, in turn, shows sell pressure that has reduced in response to stronger buy behavior.
Whale Activity Confirms Strong Demand
Large investors are taking part in a big role. According to analyst Crypto Patel, whales accumulated more than 260,000 ETH within 24 hours. He posted on X, “Whales are on the move! Over 260,000 $ETH scooped up in the past 24 hours, signaling heavy accumulation.”
Moreover, Santiment data shared by him shows wallets holding between 10,000 and 100,000 ETH increased their combined balances to 29.62 million ETH by September 1.
As per the data, there is an increase in whale activity, especially around mid-August dips. Hence, the trend indicates savvy investors feeling confident, choosing to buy more ETH instead of pulling out of the market.
Market Sentiment and Funding Rates
Ethereum’s price traded between $4,200 and $4,700 last week, according to Coinalyze. After a sharp drop on August 24, ETH managed to bounce back, but it seems to have lost some momentum, now hovering around $4,350.
Additionally, the chart indicates that funding rates are slightly positive, with overall levels sitting at 0.0071 and predicted rates at 0.0082. This indicates long traders are still in control, although the activity reflects a sense of cautious optimism.
Ethereum faces a $4,800 resistance level. However, shrinking exchange balances and whale accumulation could provide the fuel for the next breakout.
Also Read: SharpLink Pushes ETH Holdings Past 837K in Bold Weekly Move
