Ethereum Price on Edge as Whale Dumps $237M ETH; What’s Next?

Key Insights:

• Accumulation at ATH reflects bullish Ethereum price sentiment.
• Whale moved 95,920 ETH ($237M), signaling market repositioning.
• Exchange deposits hint at an impending large-scale selloff.

Ethereum price today showed notable resilience, rising 8% over the past week and breaking above the key $2,450 resistance level. The cryptocurrency is currently consolidating gains, suggesting a possible bullish breakout.

Meanwhile, Bitcoin is hovering around $107,000. Most altcoins are trading sideways, indicating mixed momentum across the broader market as Ethereum eyes further upward movement.

Massive Ethereum Whale Dumps $237M in ETH

A major Ethereum whale has recently made significant moves, drawing attention across the crypto space. Two wallets, 0x14e4 and 0x26Bb, believed to be controlled by the same entity, have withdrawn 95,920 ETH, valued at approximately $237 million. Blockchain data reveals a series of transfers from these wallets, with the majority of funds sent to centralized exchanges.

Over the past 20 days, this whale deposited 62,289 ETH (worth $154 million) to platforms including HTX, Bybit, and OKX. Despite these large deposits, the wallets still retain 33,631 ETH, amounting to roughly $83 million. These substantial movements suggest strategic liquidation, possibly in response to recent market dynamics.

Ethereum Price Eyes $3,400 Amid Bullish Outlook

Crypto analyst Michaël van de Poppe has shared a bullish outlook for Ethereum, suggesting a potential price rally in the coming weeks.

According to analyst, the  Ethereum price has managed to maintain a key support level, indicating strength in its current price action. His analysis highlights that if this momentum continues, Ethereum may soon begin a steady climb toward a higher price range.

Analyst identified $3,400 as the next major target for Ethereum price today, emphasizing this zone as the next resistance to overcome.

Ethereum Whales Reach New ATH Accumulation

The price of Ethereum is rather steady, but recent blockchain information points out that big holders have been accumulating notes in silence. Ethereum coin gathering addresses are at a fresh record all-time high, as indicated by CryptoQuant analytics provided by trader Merlijn.

The trend demonstrates that big investors, commonly called whales, are continuing to buy more as the mood in the market is calm. The fact that the number of ETH owned by these addresses increased substantially in value implies that there is some sort of strategic move to keep the tanks full in anticipation of a price move.

Ethereum Price Today Eyes Breakout Amid Consolidation

Ether price is currently trading at the $2,460 mark, with a 0.5% surge in the past 24-hours. The bullish momentum attempts to regain strength as the technical indicators seem to be aiming for a breakout.

Ethereum has been indicating it has stabilized following the lows around the $2,300 level in early June, where the price action has been tightening in a range between the lower end of the $2,300 and the upper end of the price range of $2,500.

There is a firm resistance at the price level of the $2,500-2,600 level in the 4-hour chart. Bulls have had several shots to clear this level but could not manage to establish a solid breakout. An upward break past $2,600 would lead in the direction of $2,800, and the long-term rally may push into the psychological level of $3,000.

The MACD histogram is slightly positive, whereby the two MACD lines are trading weakly higher than the signal lines in a bullish direction. However, the Awesome Oscillator (AO) has turned green and currently reads 34.29, indicating a potential shift in short-term trend strength.

On the negative, Ethereum has support at $2,300, which has been put to the test numerous times, and it remains an important defensive point. A lower break can result in a significant correction down to the level of $2,000, which is a significant support floor.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.