Ethereum Price Forecast: Whale Scoops $43M ETH as Pullback Deepens

An Ethereum over-the-counter (OTC) whale has purchased $43.43 million worth of Ether (ETH) tokens as of Aug. 18, just as the price declines by around 5.25% intraday to reach $4,232.

During the market drop, the swing-trading OTC whale 0xd8d0 spent 83.96M $USDC to buy 10,000 $ETH($43.43M) and 350 $BTC($40.53M).https://t.co/gEIIUqu18H pic.twitter.com/nBwy5itKgm

— Lookonchain (@lookonchain) August 18, 2025

Ethereum Mega-Whales Are Rising in Number

Ether has entered a modest correction cycle recently, falling by around 11.80% from its multiyear high near $4,792 in the past four days.

During the market drop, the swing-trading OTC whale 0xd8d0 deployed $83.96 million in USDC to scoop up 10,000 ETH, alongside Bitcoin (BTC) worth $40.53 million.

This is the same whale who sold 10,000 stETH ($38.16 million) and 398 BTC ($46.41 million) for 84.93 million USDC stablecoin on Aug. 7, effectively taking profits ahead of Ethereum’s 30% rally to its multiyear peak of $4,792.

The move underscores a classic whale playbook: exit strength into USDC at local highs, then rotate back into majors during sharp pullbacks.

The fresh accumulation hints that 0xd8d0 is betting on a rebound from current levels.

That aligns with a recent rise in the mege-whale count, entities that hold over 10,000 ETH, and a sharp drop in the whale count, entities with a 1,000-10,000 ETH balance, according to Glassnode data.

This suggests mid-sized holders are consolidating or exiting positions, while larger players like 0xd8d0 are stepping in to absorb supply, potentially signaling confidence in Ethereum’s long-term upside.

ETH Risks a Pullback Toward Key Support

Ethereum’s latest rejection near $4,480 opens the door for a corrective move toward the $3,450–$4,320 resistance-turned-support zone. This area overlaps with the ascending trendline support that has guided ETH’s broader uptrend since mid-2022, reinforcing it as a key demand zone.

Adding to the downside risk is the weekly relative strength index (RSI), which is hovering just below the overbought threshold of 70. Similar RSI levels have historically preceded short-term pullbacks as buyers take profits and momentum cools off.

What Could Change This View?

A retest of the $3,450–$4,320 range would not necessarily signal a bearish reversal. Instead, it could serve as a healthy pullback that resets momentum before any attempt at reclaiming the $4,800–$5,000 area.

Holding above this confluence of support levels would likely validate the uptrend structure.

Such dips could also see ETH retest the upper trendline of its former symmetrical triangle as support, a common occurrence to confirm breakout validity.

If this retest holds, it would strengthen the bullish structure and keep the breakout intact. In that scenario, Ethereum’s next upside objective remains around $7,000, the technical target derived from the symmetrical triangle’s measured move.