Whale transaction counts for transfers over $1 million spiked through August, coinciding with ETH’s climb above $4,300. Big players have been actively repositioning, adding momentum.

At the same time, ETH’s Futures Open Interest surged past $70 billion before settling near $60 billion.

Spot and derivatives markets are aligning behind Ethereum, with whales providing liquidity on one end and traders increasing exposure on the other.

At press time, Ethereum traded near $4,390, moving sideways after its strong rally earlier in August.

The daily chart showed little momentum, with the RSI indicating a neutral zone. The MACD also pointed lower, so short-term momentum had slowed even as prices stayed stable.

This period of consolidation showed ETH was pausing after recent gains, while whales continued to buy into the dips. The market looks to be in a cooling phase for now, but ready for its next move.