Ethereum Rally on the Horizon?

July 30, 2025, Ethereum (ETH) could be poised for another significant rally as large investors quietly accumulate hundreds of millions of dollars worth of the digital asset. Over the past 48 hours alone, whales have reportedly purchased over 220,000 ETH, valued at nearly $850 million, according to on-chain data shared by crypto analyst Ali Martinez.

This buying spree has brought the whale-held supply to approximately 28.4 million ETH, which now accounts for 23.5% of Ethereum’s circulating supply. While ETH has seen relatively flat movement in the past 24 hours, this kind of deep-pocketed accumulation typically signals an impending price surge, especially in a market with limited selling pressure.

Whale Moves Stir Bullish Sentiment

Even though there was an absence of explosive short-term gains, Ethereum still remains as one of the best-performing major cryptocurrencies this month. According to CoinGecko, ETH has climbed over 54% in the last 30 days, currently trading around $3,800.

Whales, typically defined as addresses holding between 10,000 and 100,000 ETH, are often viewed as market drivers due to the sheer size of their transactions. So, when such wallets go on an accumulation spree, it typically shows long-term confidence and the expectation of future price appreciation.

“There has been plenty of hype surrounding ETH lately, but the real breakout begins once we surpass $4,100,” said Martinez in a July 29 post on X (formerly Twitter).

Popular trader Michael van de Poppe echoed this view, noting that ETH bypassed the expected correction and now seems set for another run toward key resistance. “We’ll likely sweep that $4,100 level and consolidate. Then up we go,” he said.

Exchange Supply Hits Decade Low

In addition to the whale accumulation, exchange outflows are amplifying the bullish outlook. Over the past 30 days, more than 1 million ETH have been withdrawn from centralized platforms. This kind of outflow is typically associated with reduced short-term selling pressure, as users shift assets to private wallets or long-term storage.

The total supply of Ethereum on exchanges has now dipped to just 19 million ETH, the lowest level recorded in nearly ten years, according to CryptoPotato. This is particularly significant in a market where demand remains high.

Fewer coins on exchanges mean there is less ETH available for immediate sale, which can lead to tighter supply and higher prices if buying pressure continues.

The trend mirrors similar patterns seen in Bitcoin markets earlier this year, where declining exchange balances preceded major rallies. For Ethereum, it may be a signal that the market is preparing for the next leg up.

ETF Inflows Add Fuel to the Fire

Another major factor supporting Ethereum’s bullish trajectory is the strong capital inflow into spot ETH exchange-traded funds (ETFs). These institutional-grade investment products have collectively absorbed over $5 billion in inflows in just 17 days, a level of demand that has surprised even optimistic market analysts.

This aligns with broader capital rotation trends in 2025, where investors are steadily moving funds into blockchain-based assets, especially those with strong DeFi and Layer-2 development. 

Why $4,100 Matters

Both Martinez and van de Poppe have identified $4,100 as a key resistance level for Ethereum. A successful break above that threshold could lead to a more aggressive bullish continuation, possibly opening the door to new yearly highs.

This level is more than just a psychological barrier , it also coincides with technical resistance from Ethereum’s prior local top. If broken, it could serve as a signal for sidelined capital to re-enter the market and push ETH toward the $4,500–$4,800 range in the coming weeks.

However, analysts caution that if Ethereum fails to break through $4,100 soon, a short-term correction could be on the cards. Still, the current mix of whale behavior, exchange dynamics, and ETF flows makes the bullish scenario more likely, at least for now.

Broader Context: Ethereum in 2025

Ethereum’s recent strength also comes at a time of major network advancements, including expanded rollup support, improved staking infrastructure, and ongoing development of Ethereum 2.0 roadmap components.

The Ethereum Foundation has also announced continued support for Layer-2 scaling solutions, many of which are gaining traction for real-world use cases in payments, gaming, and decentralized identity.

Looking Ahead

With whales piling in, exchange balances shrinking, and ETFs capturing billions, the signs of an Ethereum rally are increasingly difficult to ignore. While short-term price action may fluctuate, the underlying fundamentals point to a market that’s gearing up for a sustained move higher.

Investors will closely watch whether ETH can breach the critical $4,100 mark in the coming days. And if it does, the momentum could spark a new wave of interest.