Ethereum (ETH) briefly broke out of its $2.3K–$2.4K range to reach $2,526, but the altcoin soon retraced below $2.5K. At press time, ETH traded around $2,435, down 0.16% on the daily charts.
Whales continued accumulating through the volatility, yet their activity had not translated into stronger price momentum.
Whale withdrawals and exchange outflows
Lookonchain highlighted three whales withdrawing Ethereum from exchanges:
- One withdrew 10,954 ETH worth $26.97 million from Kraken and staked it after four months of inactivity.
- Another withdrew 9,000 ETH worth $22.42 million from Binance and deposited it into Aave.
- A third withdrew 4,500 ETH worth $11.29 million from Binance.
Together, these withdrawals totaled 24,454 ETH, valued at $60.68 million. The moves suggested some large holders preferred staking, lending, or holding Ethereum away from exchanges despite market volatility. Still, those choices alone could not establish expectations of an imminent rally.
Exchange activity echoed that shift. Over 12 hours, outflows exceeded $365 million, pushing Netflow to approximately -$30 million. That reversed the preceding 24-hour period, when inflows outpaced outflows and Netflow reached $21 million. Fewer coins on exchanges could ease immediate selling pressure, even though Ethereum’s price had yet to reflect that potential support.
Momentum remains bearish
Although some whales increased their holdings, sellers retained the upper hand in Ethereum’s momentum indicators. The Relative Strength Index (RSI) stood at 42, below the neutral 50 level, indicating bearish momentum. Likewise, the Positive Directional Indicator (+DI) hovered around 17, while the Negative Directional Indicator (-DI) remained above it, reinforcing the bearish reading.
Together, these indicators suggested whale accumulation had yet to overcome broader selling pressure. They did not identify which holders were selling.
If that momentum persists, Ethereum could revisit $2.3K. However, stronger demand following the whale accumulation could help Ethereum reclaim $2.5K, potentially bringing $2.7K into view. For now, the indicators offered limited support for that recovery.
