ETH USD Price Set to Reexamine $4,700: Is Dark Money Shifting into Ethereum?

Experts are emphasizing that Ethereum USD is set to re-examine the $4,700 level – and with the optimistic momentum – is covert capital shifting to ETH?

A wallet associated with a $300M Coinbase fraud acquired $18.9M worth of Ether just as ETH surged past $4,700 yesterday.

Per Lookonchain, a digital currency address connected to the “Coinbase hacker” operation purchased 3,976 ETH for $18.9 million on September 13.

The hacker who absconded with over $300M from #Coinbase users recently acquired another 3,976 $ETH($18.9M) at $4,756 an hour ago.https://t.co/xgGLej7nrd pic.twitter.com/WrxobUkK7k

— Lookonchain (@lookonchain) September 13, 2025

The transactions, executed at an average price of $4,756, occurred as Ether moved beyond the $4,700 threshold.

Analysts monitoring the wallet indicate that the funds were cycled through 18.911 million DAI before being transformed into Ethereum. Arkham Intelligence data reveals that the wallet accumulated DAI in increments from $80,000 to $6 million prior to conversion.

The address has also been quite active lately, acquiring 4,863 Ethereum and 649 Ethereum in July and approximately $8 million in Solana in August.

Blockchain investigator ZachXBT noted that the overall scheme siphoned at least $330 million from victims earlier this year.

2/ Myself and @tanuki42_ spent time analyzing Coinbase withdrawals and compiling data from my messages for high confidence thefts on various networks.

Below is a table we assembled showing $65M plundered from Coinbase users from Dec 2024 – Jan 2025.

Our estimate is probably much lower than… pic.twitter.com/ZceQ5AggYU

— ZachXBT (@zachxbt) February 3, 2025

The operation, characterized as a large-scale social engineering effort, targeted Coinbase users and has kept the wallet under vigilant observation from on-chain analysts.

The timing of the latest ETH accumulation has intensified speculation surrounding a trading market shift towards Ether.

Traders noted that the wallet’s actions matched the renewed strength in ETH/USD, reinforcing the narrative that wealthy actors are moving into the asset.

Ethereum Price Outlook: What Could Happen If the $4,700 Barrier is Broken?

Ethereum is exhibiting renewed vigor, with technical indicators suggesting a potential price breakout that could propel prices towards $5,500.

According to Tradingview data, Ethereum is trading around $4,660, remaining above its short-term moving averages on the 4-hour chart.

(Source – ETH USDT, TradingView)

The 50-EMA is positioned at $4,462 while the 100-EMA rests at $4,421, both showing an upward trend. This scenario indicates that buyers maintain dominance despite minor pullbacks.

Recent trading sessions have also recorded heightened volumes, supporting the ascent that elevated Ethereum from the $4,300 range to above $4,650 within just a few days.

The overall outlook showcases a recovery trend following weeks of lateral movement. Short-term candles display fleeting dips succeeded by renewed buying, indicative of consistent market demand.

If ETH sustains base level above the 50-EMA, momentum may persist. Conversely, failure could lead prices to retreat back to the $4,400-$4,300 range, where both moving averages converge.

Analyst Titan of Crypto highlighted an Adam & Eve double-bottom formation on the daily chart.

(Source – X)

This formation integrates a sharp “V”-shaped low with a rounded base, suggesting a potential reversal. The neckline is just below the $4,700 level, closely aligning with current prices.

A solid breakout above this neckline could indicate a target move toward $5,500, aligning with historical price ceiling levels. This supports the perspective that Ethereum might prepare for a more significant rally if the buying pressure persists.

What Insights Do Derivatives Provide About Ethereum’s Next Steps?

If ETH pierces above the neckline, traders may adopt a bullish stance, setting a target of $5,500. However, if it falters, the price could retreat to verify the strength of the recent rally.

Derivatives activity reflects heightened engagement. CoinGlass data shows ETH futures open interest near $64 billion, and funding rates in the last session hovered around 0.01% on major exchanges, consistent but not excessive.

(Source – Coinglass)

Spot ETF flows have also seen improvement. On September 12, following several days of outflows, Farside Investors reported net inflows into US ETH funds, indicating new institutional interest.

EXPLORER: 9+ Best High-Risk, High-Reward Crypto to Invest in 2025

The post ETH USD Price Primed to Reassess $4,700: Covert Money Flowing into ETH? first appeared on 99Bitcoins.