Ethereum Nears $4,500 Resistance As Institutional Accumulation Boost Bullish Sentiment

Ethereum’s exchange flux balance turned negative, signaling reduced sell pressure and rising long-term holding since 2020.

Price respects key buy zones near $3,000 to $4,400, maintaining an uptrend with targets up to $5,600.

Bitmine Immersion adds over 43,000 ETH in 24 hours, nearing 2% ownership of total ETH supply.

Ethereum’s on-chain data shows a historic drop in exchange balances as institutional buyers ramp up holdings, fueling optimism around price stability and potential gains above $4,500 in the near term.

Price Action Holds Within Bullish Structure

Ethereum (ETH) is currently holding around $4,424.01, posting a 1.12% gain over the last 24 hours. Although it’s down 1.96% for the week, the overall uptrend still looks solid.A post by IncomeSharks on X pointed out that Ethereum has respected every "buy zone" marked on its ascending support line since mid-July.

The 1-day chart continues to reflect a bullish market structure, defined by higher highs and higher lows. Buy zones at $3,000, $3,600, and $4,400 have held firm during past retracements. As long as the price remains above $4,200, analysts suggest ETH could reach $4,800 or even $5,600 in the next leg.

Short-term analysis on the 4-hour ETH/USDT chart shows recovery attempts from $4,392.60 with MACD and RSI pointing to a slight bullish bias. A break above the $4,500–$4,600 range is needed to confirm further upside.

Exchange Balance Falls to Record Lows

Cas Abbé posted on X that Ethereum’s exchange flux balance has gone negative for the first time in history. The metric, which tracks ETH held on centralized exchanges, shows net outflows across all platforms.

According to long-term chart data, exchange balances peaked above 25 million ETH between 2016 and 2020 but have since declined to under 5 million. This drop indicates reduced sell pressure, rising staking, and increasing long-term holding activity. Historically, negative exchange balances have preceded price expansions rather than corrections.

As supply on exchanges tightens, ETH’s price has climbed steadily. The relationship between shrinking liquid supply and increasing price further supports Ethereum’s bullish structure.

Bitmine Immersion Increases ETH Holdings

Bitmine Immersion has added 31,996 ETH, valued at $138 million, to its holdings. This follows another large purchase of 11,377 ETH within the last 24 hours. The firm now owns over $8.5 billion worth of ETH, approaching 2% of the total supply.

Led by Tom Lee, Bitmine’s target is to acquire 5% of the total ETH supply. These purchases add to expectations that institutional demand is driving Ethereum’s current accumulation phase. As ETH attempts to break above $4,500 again, analysts continue to monitor these large inflows and market response.