Analysts are highlighting ETH USD priming to retest $4,700 – and amid the upside pressure – is dark money rotating into Ethereum?
A wallet tied to a $300M Coinbase scam bought $18.9M worth of Ether as ETH ripped past $4,700 Yesterday.
According to Lookonchain, a crypto address linked to the “Coinbase hacker” campaign bought 3,976 ETH for $18.9 million on Sept. 13.
The hacker who stole $300M+ from #Coinbase users bought 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 purchases, made at an average price of $4,756, came as Ether pushed past the $4,700 mark.
Analysts tracking the wallet say the funds were funneled through 18.911 million DAI before being converted to ETH. Arkham Intelligence data shows the wallet aggregated DAI in amounts ranging from $80,000 to $6 million before swapping.
The address has also been active recently, picking up 4,863 ETH and 649 ETH in July and around $8 million worth of Solana in August.
Blockchain investigator ZachXBT estimated that the broader scheme drained at least $330 million from victims earlier this year.
2/ Myself and @tanuki42_ spent time reviewing Coinbase withdrawals and gathering data from my DMs for high confidence thefts on various chains.
Below is a table we created which shows $65M stolen from Coinbase users in Dec 2024 – Jan 2025.
Our number is likely much lower than… pic.twitter.com/ZceQ5AggYU
— ZachXBT (@zachxbt) February 3, 2025
The operation, described as a wide-scale social engineering campaign, targeted Coinbase users and has kept the wallet under close surveillance from on-chain analysts.
The timing of the latest ETH accumulation has reinforced speculation of a market rotation into Ether.
Traders noted the wallet’s moves coincided with renewed momentum in ETH/USD, adding weight to the narrative that deep-pocketed actors are shifting into the asset.
Ethereum Price Analysis: How High Could ETH Go If the $4,700 Neckline Breaks?
Ethereum is showing renewed strength, with technical signals pointing to a possible breakout that could send prices toward $5,500.
As per Tradingview data, ETH trades near $4,660, holding above its short-term moving averages on the 4-hour chart.
(Source – ETH USDT, TradingView)
The 50-EMA sits at $4,462 and the 100-EMA at $4,421, both trending upward. This setup suggests buyers remain in control despite minor pullbacks.
Recent sessions have also seen higher volume, supporting the move that lifted ETH from the $4,300 range to above $4,650 in just a few days.
The broader structure shows a recovery trend after weeks of sideways action. Short-term candles reveal brief dips followed by fresh buying, a sign of steady demand.
If ETH holds support above the 50-EMA, momentum may continue. If not, price risks sliding back to the $4,400-$4,300 zone, where both moving averages converge.
Analyst Titan of Crypto pointed to an Adam & Eve double-bottom pattern on the daily chart.
The formation combines a sharp “V”-shaped low with a rounded base, signaling a potential reversal. The neckline lies just below $4,700, close to current levels.
A confirmed breakout above that neckline would project a measured move target of $5,500, in line with historical resistance. This adds weight to the view that Ethereum could be setting up for a more substantial rally if buying pressure holds.
What Are Derivatives Telling Us About Ethereum’s Next Move?
If Ethereum breaks above the neckline, traders could turn bullish, with $5,500 as the next target. But if it fails, the price may pull back to test how solid the recent rally really is.
Derivatives activity shows elevated positioning. CoinGlass data puts ETH futures open interest near $64Bn, while funding rates last session hovered around 0.01% across major exchanges, steady, but not excessive.
Spot ETF flows have also improved. On Sept. 12, after several days of outflows, Farside Investors reported net inflows into US ETH funds, pointing to fresh institutional demand.
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