The price of Ethereum is giving stabilisation signs as big investors accumulate prominent amounts of ETH from significant crypto exchanges. As per the blockchain analytics revealed by Lookonchain, a recently made wallet took out 11,629 ETH worth around $23.7 million from Binance in the past two days.
In a different transaction, one more whale wallet was recognised as 0x8E34, withdrawing 63,324 ETH, estimated at around $131.2 million, from Kraken in that same period. Huge withdrawals from exchanges are mostly interpreted as a bullish indication as investors normally shift assets to private wallets for long-term holding instead of quick selling.
The net withdrawals estimate over 74,000 ETH, indicating that institutional or high-net-worth investors may be placing bets before a potential price shift. As per the daily chart, Ethereum is now trading over $2,050, being mainly range-bound after a sharp correction earlier in February.
What Does The Chart Indicate?
The chart indicates that ETH has been combining between $1,950 and $2,150 for many weeks, making a sideways structure after rebounding from lows around $1,800. The quick resistance level sits over $2,150-$2,200.
A conclusive breakout over this zone could ignite momentum toward the $2,400 level, where the last sell-off intensified. Meanwhile, strong support seems to be around $1,950, with deeper structural support near $1,800, which indicated the February bottom.
The Relative Strength Index (RSI) is around 50, showing neutral momentum and advising the asset is neither overbought nor oversold. This reading normally happens at the time of consolidation phases before directly moving.
At the same time, the Accumulation/Distribution indicator is moving toward stability after a sharp fall earlier in the month, cueing that buying pressure may be slowly returning. The current whale withdrawals could tighten exchange supply if coins remain off the trading platform.
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