Ethereum bull run just starting, analyst says as whale scoops $70m ETH

• Whale buy Ethereum amid strong buying pressure.
• Institutional adoption continues with SharpLink Gaming’s massive purchases.
• Analysts predict ETH could explode amid numerous catalysts.

Ethereum, the second-largest cryptocurrency by market capitalization, is eyeing a major breakout as price hovers above the $3,500 mark.

Part of the bullish outlook is down to on-chain activity, with data showing a massive wave of whale accumulation.

The accumulation adds to the growing institutional demand for the top coin, with SharpLink Gaming’s recent purchases a significant one.

ETH whale accelerate accumulation

The latest on-chain activity paints a picture of aggressive accumulation by whale 0x9684, a pattern that has intensified over the past seven days.

According to data shared by Lookonchain on X, this entity has consistently withdrawn significant ETH stashes from FalconX, with the most recent pull amounting to 19,550 ETH just five minutes before the post.

This brings the whale’s total withdrawal to an eye-watering 122,691 ETH, valued at $443.68 million at current prices.

Such moves suggest a strategic shift toward holding, potentially for staking or long-term investment.

Whale moves and the accumulation seen in recent weeks align with broader trends across the corporate world.

One of the biggest players today in this sector is SharpLink Gaming, a Nasdaq-listed firm that recently bolstered its ETH treasury to 280,706 ETH.

That’s about $840 million of Ether buys, which have come after the company raised $413 million through a share issuance.

The firm’s overtaking of the Ethereum Foundation as the largest corporate ETH holder further amplifies the narrative of institutional confidence, reducing short-term sell pressure and fueling market optimism.

Ethereum price prediction

Ethereum’s price crossing above $3,500 is crucial. For a long time, the altcoin remained lodged below $2,500 and found breaking above $3k a tall order.

But with price retesting highs near $3,700, analysts say the bull run may just be starting.

According to crypto analyst Michael van de Poppe, spot exchange-traded funds inflows, regulatory shifts, and other catalysts could propel ETH to astronomical heights.

“The $ETH ETF inflow combined with the approval of the Stablecoin Bill provides a whole new thesis surrounding the Ethereum ecosystem,” the analyst noted. “The biggest inflows in history on the ETF, outperforming $BTC inflow. This bull market is getting started.”

The $ETH ETF inflow combined with the approval of the Stablecoin Bill provides a whole new thesis surrounding the #Ethereum ecosystem.

The biggest inflows in history on the ETF, outperforming $BTC inflow.

This bull market is getting started. pic.twitter.com/12UkXXyAn9

— Michaël van de Poppe (@CryptoMichNL) July 18, 2025

Ethereum price reached its all-time high above $4,800 in November 2021. While it could explode to this level or higher in the short term, van de Poppe says investors may want to be ready for corrections.

“The reason why I’m saying that you need to be ready for deep corrections; $ETH is $1,000 up in just a week, so it’s a little overextended to the upside. A slight correction isn’t bad, it’s healthy and we’re rebuilding stamina for the next leg up.”