Ethereum whales are actively accumulating ETH, signaling renewed confidence in the second-largest cryptocurrency.
According to Lookokchain data, a newly created wallet, 0xfDe8, withdrew 11,629 ETH worth about $23.71 million from Binance over the past two days, suggesting the funds are being moved into private storage for long-term holding rather than short-term trading activity overall by investors.
Source: Lookonchain’s X Post
In a separate transaction, another whale wallet, 0x8E34, withdrew 63,324 ETH valued at roughly $131.2 million from Kraken within the same period.
Large exchange outflows like these are often viewed as bullish signals because major investors usually transfer assets off exchanges when they expect future price growth and plan to hold positions much longer-term.
Also Read: Ethereum’s Powerful Cycle Pattern Hints at $12,000 Surge After Accumulation Phase
Activity on the Ethereum network has seen a new record high, surpassing that of the 2021 bull market. According to the crypto analyst Crypto Patel, Ethereum’s active addresses, transaction volume, and smart contract activity are rising. However, despite improved fundamentals for Ethereum, its price action has not kept up.
Source: Crypto Patel’s X Post
Despite the fact that network activity is at a record high, ETH remains over 50% away from its all-time high as capital continues to leave the crypto space.
Crypto Patel attributes the macro wobbly nature and reduced liquidity as the reasons for the reduced uptrends. While some believe it is a build-up phase, others believe it is a consolidation phase for the cryptocurrency to match its activity.
Following these onchain milestones, ETH’s technical outlook is also improving. According to TradingView, the RSI value stands at 57.37, slightly above the 55.34 signal line.
This indicates a stable condition of bullish momentum without entering the overbought region. Since the RSI value is below 70, Ethereum still enjoys a lot of room for further price appreciation. The recent higher lows in the RSI chart show a gradual recovery of the buying force in the market.
Source: TradingView
The MACD line is currently at 12.37, still well above the 10.22 signal line, thus confirming the uptrend on the four-hourly chart.
However, the diminishing length of the green bars on the histogram, currently at 2.15, suggests a slight respite in the buying activity. As the asset approaches the $2,100 mark, these two lines are suggesting a phase of consolidation.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Ethereum and BTC Exchange Holdings Hit 12% and 14.9% as Investors Move to Cold Storage
