Ethereum is exhibiting signs of stabilization as large investors actively accumulate ETH from major cryptocurrency exchanges. In the past two days, a new wallet withdrew approximately $23.7 million worth of ETH from Binance, while another whale wallet, identified as 0x8E34, moved around $131.2 million in ETH from Kraken. These substantial withdrawals, totaling over 74,000 ETH, are often interpreted as a bullish indicator, suggesting investors are moving assets for long-term holding rather than immediate sale.
Currently trading above $2,050, Ethereum has been consolidating within a range of $1,950 to $2,150 for several weeks. Analysts note that a decisive breakout above the $2,150-$2,200 resistance zone could drive momentum towards $2,400. Key support levels are identified at $1,950 and deeper structural support near $1,800. The Relative Strength Index (RSI) hovers around 50, indicating neutral momentum, typical during consolidation phases. The Accumulation/Distribution indicator shows a move toward stability, suggesting a potential return of buying pressure. The current whale activity could tighten exchange supply.