Key Notes

• A wallet linked to Hashkey Capital moved 12,000 ETH to OKX.
• Ether is up 60% over the past month, trading around $3,880.
• Institutional demand remains strong despite recent sell signals.

Ethereum’s ETH $3 865 24h volatility: 1.1% Market cap: $467.10 B Vol. 24h: $33.78 B recent price surge has brought increased attention from investors looking for the next crypto to explode, though some are starting to take profits.

LookOnChain reported that earlier today, a wallet likely associated with Hashkey Capital deposited 12,000 ETH, worth around $47.18 million.

Looks like an institution is selling $ETH!

A wallet possibly linked to HashKey Capital deposited 12,000 $ETH($47.18M) to #OKX 2 hours ago.https://t.co/wPOuwHE0e4 pic.twitter.com/qfUdKnDmR8

— Lookonchain (@lookonchain) July 28, 2025

Large deposits like these to centralized exchanges often trigger sell-offs, sparking worries that ETH could face short-term downward pressure.

At the time of writing, Ethereum is trading near $3,880, up more than 1.6% in the past 24 hours. The second-largest cryptocurrency has added over 60% in value over the last month, contributing nearly $176 billion to its market capitalization.

Institutional Interest Still on the Rise

Despite Hashkey Capital’s profit-taking move, overall institutional and whale appetite for ETH remains strong. Earlier today, SharpLink Gaming revealed a massive $295 million ETH purchase, adding to the string of large-scale acquisitions by institutions.

Ethereum led inflows into crypto ETPs last week, pulling in $1.59 billion, its second-largest weekly tally ever. With this, 2025 year-to-date inflows have now exceeded the total inflows recorded in all of 2024.

Popular analyst Michaël van de Poppe recently highlighted that Ethereum is currently testing the 0.032 resistance level on the ETH/BTC pair, calling it an “interesting spot.” He observed that while ETH is breaking highs against both USD and BTC, the movement lacks strong conviction.

This is an interesting spot for $ETH.

On the $USD and $BTC pairs, it’s breaking the highs, but not with conviction.

Again, if there’s a correction, I would be interested to be accumulating some more. pic.twitter.com/XbDmQOVmot

— Michaël van de Poppe (@CryptoMichNL) July 28, 2025

ETH Price Technical Outlook

On the daily ETH chart, the price is hugging the upper band. A pullback toward the mid-band (20-day SMA) around $3,430 could act as near-term support.

ETH price chart with MACD | Source: Trading View

The RSI is also indicating overbought territory and a potential pullback. In case of steep price drop, the support level near $3,200 could act as strong buying zones.

However, if ETH manages to close daily above the $3,940 resistance zone, traders can expect a rally to $4,100.

Meanwhile, MACD is still bullish with the MACD line above the signal line and in positive territory. However, histogram has recently started dropping, suggesting slowing momentum.

ETH price chart with MACD | Source: Trading View

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.

Parth Dubey on LinkedIn