Whale accumulation seems to be the main fuel for Ethereum’s growth right now. At the growth pace we are witnessing now, large accumulation is just a question of when. Large wallets have been moving aggressively, pulling tens of millions worth of ETH off of exchanges and into private storage — a move often interpreted as a bullish signal.
Whales keep accumulating ETH
A number of noteworthy movements are highlighted by on-chain data. 0x9D99, a newly created wallet, took out 5,297 ETH (approximately $24.7 milliom) from Bitget and Binance. An hour ago, whale 0x7451 received 13,322 ETH (approximately $61.65M) from FalconX. Another new address, 0x4d43, added to the accumulation trend by withdrawing 4,208 ETH (approximately $1,948 million) from Binance in the last few days.
High-net-worth investors, and potentially institutions, are becoming more interested in Ethereum, as evidenced by this steady accumulation from both new and old whale wallets. These changes are particularly important because withdrawals from centralized exchanges frequently indicate long-term holding intentions, which tightens market supply and lessens immediate selling pressure. Large-scale withdrawals could increase price pressure if demand continues, as Ethereum supply on exchanges is already at multi-year lows.
Ethereum price chart
Technically speaking, ETH has been trading between $4,500 and $4,600 following a robust summer rally. Even with the recent decline, the structure is still bullish. Ethereum is still trading comfortably above two important support levels: the 50-day EMA (~$4,200) and the 100-day EMA (~$3,700). The larger uptrend is still in place despite the recent rejection around $4700, which is indicative of short-term profit-taking. The substantial whale inflows might serve as ETH’s buffer, averting further declines.
ETH may retest the $4,800-$5,000 resistance zone if buying pressure persists, but this is still a technical and psychological barrier. If there was a breakout above $5,000, more momentum buying would probably start, paving the way for new highs. It seems that whale activity and Ethereum’s price performance are in sync.
Despite the market’s recent volatility, the size of whale accumulation indicates that investors are confident in ETH’s long-term prospects. The price of ETH might be about to rise again if this demand holds up and coincides with a wider cryptocurrency recovery.
