Ethereum Price Soars 4% as Whales Scoop Over 1.80 ETH – Analyst Targets $6400

Highlights:

• Ethereum price soars 4% to $3894, as trading volumes skyrocket 78%.
• Whales have scooped up over 1.80 million Ethereum over the past month.
• Crypto analyst predicts a rally to $6400 if $4000 key gives way.

The Ethereum price has risen 4% to $3894, as its daily trading volume spiked 78% to $45.56 billion. The sharp increase comes as the demand for the value of Ethereum has become a cause of attraction to traders, investors, and market analysts. According to a popular analyst, Ali Martinez, over 1.80 million Ethereum have been bought by whales in the past month. This huge infusion of investment is an indicator of a high level of confidence in the prospects of the asset.

Whales bought more than 1.80 million Ethereum $ETH in the past month! pic.twitter.com/IxoXPwaxmk

— Ali (@ali_charts) August 8, 2025

Moreover, a pseudonymous crypto trader on X, Pentoshi, says that the top altcoin is experiencing unquenchable demand. 

$ETH breaking out again

you love to see it

an insatiable blackhole of demand pic.twitter.com/tUwvCAEPko

— 🐧 Pentoshi (@Pentosh1) August 7, 2025

This may soon push ETH to hit a new all-time high (ATH) price. ETH last hit its ATH of $4,878 in November 2021. With the recent rally, the price is now just 19% away from surpassing this key resistance level. Can the Bulls maintain the current momentum?

According to CoinGlass data, the Ethereum derivative market is likewise experiencing a huge rise in trading volume. Market participation is rising as the volume of Ethereum has grown by 67.45% and options volume has zoomed up by 135.22%. It is no secret that Ethereum is at the hub of a more active and bullish market since the open interest increased by 8.27%.

ETH Price Set for a New ATH if It Breaks $4000 Key

The Ethereum price daily chart outlook shows a splendid bullish grip, as the token trades well within the confines of an ascending channel. The bullish channel remains intact, with the lower trendline providing steady support. The overall structure suggests a continuation of the bullish momentum unless a breakdown below channel support occurs.

Meanwhile, the 50-day Simple Moving Average (SMA) ($3,115) has crossed above the 200-day SMA ($2,509), confirming a golden cross at $2,596. This further reinforces the bullish bias. As long as ETH support zones hold strong, a break above $4000 could pave the way to a new ATH. Notably, the technical indicators, including the Relative Strength Index (RSI), show a bullish momentum. It has rebounded towards the 64.99 mark, suggesting intense buying pressure. However, the asset is not yet overbought, meaning there is still more room for the upside. 

On the other hand, the MACD (Moving Average Convergence Divergence) shows a looming buy signal. Until then, the blue MACD line still sits below the Orange signal line, suggesting that traders should be cautious, as a sell signal is still in play. However, if the MACD crosses above the signal line, all traders are at liberty to stack more ETH tokens in the next 24-48 hours.

Is a Rally to $6400 Imminent?

Looking ahead, the 4% surge looks like a classic pump, driven by recent whale accumulation. Short-term, if Ethereum price breaks above $4000, and the bullish trend continues, ETH could hit $5000-6000. Moreover, Ali Martinez has noted a classic move towards $6,400, as long as ETH closes above $4000.

$6,400 becomes a magnet if Ethereum $ETH breaks $4,000! pic.twitter.com/e53iO4h3Xn

— Ali (@ali_charts) August 8, 2025

However, if early profiteering kicks in, ETH could retrace towards $3680, reinforced by the sell signal from the MACD. Investors may want to watch that $4000 resistance keenly, because if it breaks, it could be game over for this wave.