Ethereum Whale Accumulates $10M ETH Amid Price ‘Expansion’ Predictions

An Ethereum whale reportedly purchased nearly $10 million worth of Ether (ETH) tokens even though the top altcoin was down approximately 45% from its 2026 high while trading around the $1,800–$1,900 area.

Ethereum Whales Are Buying The Dip

On Monday, Aug. 17, address ‘0x8447…’ withdrew 5,300 ETH, valued at about $9.98 million, from the Kraken crypto exchange, according to data resource Arkham Intelligence.

The accumulation followed earlier withdrawals of roughly 357 ETH from the same exchange last month, along with staking of 224 ETH in the Beacon Deposit Contract, according to Ethereum data tracker Etherscan.

The wallet’s current liquid balance sits near 5,433 ETH, worth approximately $10.3 million at prices around $1,890–$1,900, bringing the overall position (including staked holdings) close to $10.7 million.

The move fits a broader pattern of large-holder accumulation. Last week, a whale address built a position of approximately 121,000 ETH (worth around $227 million) in a month, including a 9,000 ETH withdrawal from the Gemini crypto exchange.

Tom Lee’s BitMine Immersion has also been building its ETH positions with regular weekly purchases. As of Monday, the company was holding approximately 5.81 million ETH, currently valued at about $11.00 billion, according to DropsTab data.

BitMine has a total invested cost basis of roughly $19.49 billion (average price ~$3,358), resulting in an unrealized loss of approximately $8.49 billion, or -43.56%.

Whales appear to be treating the decline toward $1,800–$1,900 as an accumulation opportunity.

In a weekend post, analyst Merlijn The Trader said he anticipates ETH to dip toward $1,715–$1,750 before entering an “expansion” phase, citing a June setup that saw Ether bounce weeks sharply after testing the same range.

FxEmpire also discussed a similar setup in its last week’s Ethereum coverage here, with upside targets sitting above the $3,000 level.

ETH Price Coils Inside Symmetrical Triangle

Ethereum is consolidating inside a symmetrical triangle on the daily chart, with lower highs meeting a sequence of higher lows near $1,890.

The pattern reflects declining volatility as traders wait for a decisive breakout. ETH is also hovering around its 20-day EMA (green) near $1,883, while the 50-day EMA (red) around $1,918 remains an immediate resistance level.

A breakout above the triangle and the 50-day EMA could strengthen the recovery toward $2,050–$2,125. Conversely, losing the rising support trendline could expose ETH to another pullback toward the $1,750–$1,700 area.