Ethereum price is stabilizing as large investors are accumulating significant amounts of ETH from major cryptocurrency exchanges.
summation
- Whale Wallet withdrew over 74,000 ETH ($155 million) from Binance and Kraken.
- Ethereum price is consolidating near $2,050 after a sharp correction in February.
- A break above the $2,200 resistance could signal the next bullish move for ETH.
According to blockchain analysis shared by Lookonchain, newly created wallets have withdrawn 11,629 Ethereum (ETH) worth approximately $23.7 million from Binance over the past two days.
In a separate transaction, another whale wallet identified as 0x8E34 removed 63,324 ETH worth approximately $131.2 million from Kraken during the same period.
Large withdrawals on exchanges are often interpreted as a bullish signal because investors typically move assets into their personal wallets for long-term holding rather than immediate selling.
Total withdrawals are over 74,000 ETH, suggesting that institutional or high-net-worth investors may be positioning themselves ahead of potential price movements.
Ethereum price analysis
According to the ETH/USDT daily chart, Ethereum is currently trading around $2,050 and has remained largely range-bound since the sharp correction in early February.
The chart shows that ETH has been consolidating between $1,950 and $2,150 for several weeks, bouncing off lows near $1,800 before forming a sideways trend.
The immediate resistance level is around $2,150 to $2,200. A decisive break above this area could trigger momentum towards the $2,400 level, where the previous sell-off accelerated.
On the downside, there is strong support around $1,950, and there is deeper structural support around $1,800, which hit the bottom in February.
The Relative Strength Index (RSI) is currently close to 50, reflecting neutral momentum and suggesting that the asset is neither overbought nor oversold. This reading typically occurs during the consolidation phase before a larger directional move.
Meanwhile, the accumulation/distribution indicators are showing a stable trend after a sharp drop early this month, suggesting that the buying trend is likely to gradually recover.
Recent whale withdrawals may reduce exchange supply if the coin remains on trading platforms. Combined with Ethereum’s current consolidation pattern, these accumulation phases often precede stronger price movements.
However, traders will be watching for a break above $2,200 to confirm the continuation of the strength. Until then, Ethereum may remain stuck within its current range as the market waits for a decisive catalyst.