As Ethereum hovers near the $4,000 mark, institutional movement stirs speculation about market direction.
Ethereum’s ETH $2 939 24h volatility: 2.6% Market cap: $354.70 B Vol. 24h: $27.75 B recent price surge has brought increased attention from investors looking for the next token to explode, though some are starting to take profits.
LookOnChain reported that earlier today, a wallet likely associated with Hashkey Capital deposited 12,000 ETH, worth around $47.18 million.
Looks like an institution is selling $ETH!
A wallet possibly linked to HashKey Capital deposited 12,000 $ETH($47.18M) to #OKX 2 hours ago.https://t.co/wPOuwHE0e4 pic.twitter.com/qfUdKnDmR8
— Lookonchain (@lookonchain) July 28, 2025
Large deposits like these to centralized exchanges often trigger sell-offs, sparking worries that ETH could face short-term downward pressure.
At the time of writing, Ethereum is trading near $3,880, up more than 1.6% in the past 24 hours. The second-largest cryptocurrency has added over 60% in value over the last month, contributing nearly $176 billion to its market capitalization.
Institutional Interest Still on the Rise
Despite Hashkey Capital’s profit-taking move, overall institutional and whale appetite for ETH remains strong. Earlier today, SharpLink Gaming revealed a massive $295 million ETH purchase, adding to the string of large-scale acquisitions by institutions.
Ethereum led inflows into crypto ETPs last week, pulling in $1.59 billion, its second-largest weekly tally ever. With this, 2025 year-to-date inflows have now exceeded the total inflows recorded in all of 2024.
Popular analyst Michaël van de Poppe recently highlighted that Ethereum is currently testing the 0.032 resistance level on the ETH/BTC pair, calling it an “interesting spot.” He observed that while ETH is breaking highs against both USD and BTC, the movement lacks strong conviction.
This is an interesting spot for $ETH.
On the $USD and $BTC pairs, it's breaking the highs, but not with conviction.
Again, if there's a correction, I would be interested to be accumulating some more. pic.twitter.com/XbDmQOVmot
— Michaël van de Poppe (@CryptoMichNL) July 28, 2025
ETH Price Technical Outlook
On the daily ETH chart, the price is hugging the upper band. A pullback toward the mid-band (20-day SMA) around $3,430 could act as near-term support.
ETH price chart with MACD | Source: Trading View
The RSI is also indicating overbought territory and a potential pullback. In case of steep price drop, the support level near $3,200 could act as strong buying zones.
However, if ETH manages to close daily above the $3,940 resistance zone, traders can expect a rally to $4,100.
Meanwhile, MACD is still bullish with the MACD line above the signal line and in positive territory. However, histogram has recently started dropping, suggesting slowing momentum.
ETH price chart with MACD | Source: Trading View