Lately, strong signs of whale accumulation in the Ethereum (ETH) market have been observed. Chain data shows a large whale has withdrawn a total of 3,844 ETH worth approximately $6.51 million from the Bitget exchange in the past two weeks. The latest withdrawal of 1,897 ETH worth about $3 million happened just a few hours ago, indicating large investors are hopeful for an ETH uptrend. Technically, Ethereum’s price is now above $1,700 and has experienced a daily growth of nearly 4%. The digital currency has recently broken out of a short-term bullish flag pattern, typically signaling a continuation of the uptrend. Its trading volume has also increased, a positive sign of strengthening reversal trend. Moreover, Ethereum’s price is striving to pass the 50-day moving average, a resistance level in the past month. If successful, the next target could be the $2,200 to $2,300 resistance range, aligned with the 100-day moving average. Additionally, the Relative Strength Index (RSI) has exited the oversold region and reached around 39, indicating an increase in bullish momentum. Overall, Ethereum’s continuous exit from exchanges and whale behavior, possibly for staking, holding, or DeFi projects, signal broader market optimism and may spark a return in Ethereum’s price. This phase, due to the combination of bullish breakout, momentum increase, and whale accumulation, is worth careful monitoring.
