After hovering between $2.3K and $2.4K, Ethereum finally broke out of the range, climbing to $2,526. However, the altcoin soon retraced below $2,500. At press time, Ethereum was valued at approximately $2,435, reflecting a decline of 0.16% on the daily charts. Whales persisted in their accumulation amid the volatility; however, this activity has not yet resulted in a significant increase in price momentum. As Ethereum struggled to hold $2.5K, whales engaged actively on both the buy and sell sides. The Whale Behaviour Shift indicated a notable increase in accumulation, as 133 whales collectively added over 426K ETH. Lookonchain has reported that three significant holders have withdrawn Ethereum from exchanges.
One withdrew 10,954 ETH valued at $26.97 million from Kraken and subsequently staked it after a period of four months without activity. Another withdrew 9,000 ETH valued at $22.42 million from Binance and deposited it into Aave. A third withdrew 4,500 ETH valued at $11.29 million from Binance. Together, these withdrawals amounted to 24,454 ETH, with a valuation of $60.68 million. These moves indicated that some large holders favoured staking, lending, or retaining Ethereum outside of exchanges, even in the face of market volatility. Nonetheless, those selections alone were insufficient to create anticipations of a forthcoming rally.
Exchange activity reflected that shift. Over a span of 12 hours, outflows surpassed $365 million, resulting in a Netflow of roughly -$30 million. That reversed the preceding 24-hour period, when inflows outpaced outflows and net flow reached $21 million. Reduced coin availability on exchanges may alleviate short-term selling pressure. Even so, Ethereum’s price had yet to demonstrate that potential support. While certain whales augmented their positions, sellers maintained dominance in Ethereum’s momentum indicators. The Relative Strength Index was recorded at 42, which is below the neutral threshold of 50, suggesting a prevailing bearish momentum.
Similarly, the Positive Directional Indicator (+DI) remained around 17. The Negative Directional Indicator (-DI) continued to stay above it, thereby reinforcing the bearish reading. Together, these indicators implied that whale accumulation had not yet surpassed the prevailing selling pressure. They did not specify which holders were divesting. If that momentum persists, Ethereum could revisit $2,300. However, stronger demand following the whale accumulation could assist Ethereum in reclaiming $2.5K, potentially bringing $2.7K into consideration.
