Ether has surged past the $3,600 mark for the first time since early January, driven by aggressive whale accumulation and fresh institutional buying.
Ethereum ETH $3 293 24h volatility: 0.7% Market cap: $397.37 B Vol. 24h: $20.35 B is leading the crypto market’s current rally, surpassing the major resistance at $3,600 earlier today, a price last seen around New Year. This comes as two newly created wallets have recently bought $745 million in total.
According to the data shared by Lookonchain, whale 0x35fb has withdrawn 103,274 ETH, worth around $373 million, from Kraken in the past nine days.
ETH just broke above $3600!
Recently, 2 newly created wallets have accumulated 206,415 $ETH($745M).
0x35fb has withdrawn 103,274 $ETH($372.8M) from #Kraken in the past 9 days.
0x9684 has withdrawn 103,141 $ETH($372.3M) from #FalconX in the past 7 days.https://t.co/5e6AQjMOwt… pic.twitter.com/pfyh7H1MXP
— Lookonchain (@lookonchain) July 18, 2025
Another wallet, 0x9684, is also consistently moving their holdings from FalconX, withdrawing over $372 million in ETH in the past week. Such large exchange exits generally signal self-custody and whale confidence in the long-term potential of ETH, which can turn out to be the best crypto to buy.
Corporate Treasuries Keep Exploring Ether
Meanwhile, ETH is also becoming a favourable asset in corporate treasuries. SharpLink Gaming purchased another 32,892 ETH, worth $115 million, on July 17. The latest purchase increased its total ETH accumulation to 144,501 ETH ($515 million) in just nine days.
SharpLink(@SharpLinkGaming) bought another 32,892 $ETH($115M) in the past 3 hours.
In the past 9 days, they've accumulated 144,501 $ETH($515M).https://t.co/LGh4xzpCWk pic.twitter.com/q29czF8qKz
— Lookonchain (@lookonchain) July 18, 2025
The Trump family-backed World Liberty also bought another $3 million worth of ETH, after purchasing $5 million worth the previous day. World Liberty now holds 70,143 ETH ($251 million) with over $23 million in unrealized gains.
Trump's World Liberty(@worldlibertyfi) spent 3M $USDC to buy 861 $ETH again 3 hours ago!
World Liberty has bought a total of 70,143 $ETH($251M) at an average price of $3,249, with an unrealized profit of $23M+.https://t.co/kaRan1WMwFhttps://t.co/8Rr7IVTaxC pic.twitter.com/nsfbpgoRI1
— Lookonchain (@lookonchain) July 18, 2025
Meanwhile, Nasdaq-listed BTC Digital recently decided to convert all its current and future Bitcoin holdings into ETH. The move aligns with its growth strategy after raising $6 million in a fresh financing round.
This wave of institutional and whale accumulation has sent Ether to $3,622, up by 4% in the past 24 hours. Crypto trader CryptoJack noted on X that ETH is currently outperforming BTC, signaling the potential arrival of an altcoin season if the trend continues.
ALTSEASON IS COMING.
WE’RE ABOUT TO GET RICH! pic.twitter.com/dAuxFp68uQ
— CryptoJack (@cryptojack) July 18, 2025
ETH Price Shows Strong Momentum
On the daily chart, ETH is trading comfortably above the upper Bollinger Band at $3,523, reflecting strong bullish momentum. The bands show a widening spread, suggesting increasing volatility and potential for continued upward movement if volume sustains.
Traders should watch for $3,700 and $3,880 levels for immediate resistance.
ETH price chart with RSI and Bollinger Bands | Source: TradingView
The RSI is currently well above the overbought threshold, indicating the crypto is in heavily overbought territory. While this could signal a near-term pullback, sustained buying pressure may overtake the overbought conditions in the short term.
If ETH fails to hold above the $3,600 and falls below the immediate support of $3,520, it could enter a corrective phase toward $3,150.
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