The price of Ethereum is showing signs of stabilization as large investors are accumulating large amounts of ETH from major cryptocurrency exchanges.
Conclusion
- Whale wallets received over 74,000 ETH ($155 million) from Binance and Kraken.
- Ethereum price is consolidating near $2,050 after February’s sharp correction.
- A resistance above $2,200 could signal the next bullish move for ETH.
According to blockchain analysis shared by Lookonchain, the newly launched wallet has withdrawn 11,629 Ethereum (ETH) worth about $23.7 million from Binance in the past two days.
In a separate transaction, another whale wallet named 0x8E34 withdrew 63,324 ETH worth about $131.2 million from Kraken during the same period.
A large withdrawal from exchanges is usually interpreted as a bullish signal, as investors typically move assets into private wallets for long-term holding rather than immediate sales.
Accumulated amounts are more than 74,000 ETH, which means that institutional or high net worth investors can position themselves before the potential price change.
Ethereum price analysis
Based on the daily ETH/USDT chart, Ethereum is currently trading around $2,050 and is mostly range-bound after a sharp correction in February.
The chart shows that ETH has been consolidating between $1,950 and $2,150 for several weeks, forming a sideways structure after pulling back from the lows near $1,800.
The immediate resistance level is around $2,150-$2,200. A decisive break above this area could push the momentum to the $2,400 level, which accelerated the previous sell-off.
On the downside, strong support is found near $1,950, with deeper structural support around $1,800, which marked the February low.
The Relative Strength Index (RSI) is currently near 50, reflecting neutral momentum and indicating that the asset is neither overbought nor oversold. This reading usually occurs during consolidation phases before a larger directional move.
Meanwhile, the Accumulation/Distribution indicator is stabilizing after a sharp decline earlier in the month, suggesting that buying pressure may gradually return.
The latest whale withdrawal could tighten the exchange’s supply if the coins remain off the trading platforms. When combined with Ethereum’s current consolidation pattern, such consolidation phases are often preceded by strong price movements.
However, traders are likely to watch for a break above $2,200 to confirm the continuation of the uptrend. Until then, Ethereum may be stuck in its current range as the market waits for a decisive catalyst.
