Key Insights:
- A whale withdrew $17.5M in ETH from Binance over 3 weeks, signaling strong accumulation behavior.
- Ethereum price followed a Wyckoff pattern with a $2.9K top and $2.1K spring, now targeting $2.8K–$3.5K.
- ETH bounced from a long-term accumulation range near $2,350, with charts projecting a $4K rally.
Ethereum (ETH) price has witnessed strong structural support in the last few weeks as large-volume purchases prevail in the exchanges. Analysts have also identified crucial resistance levels that may define whether ETH can hit the $4K mark soon.
Whale Withdraws $17.5M Worth of ETH from Binance
Analyst Ted Pillows shared on-chain data indicating that an Ethereum whale has withdrawn about $17.5 million in ETH stored on Binance within three weeks. This move was an indication of a long-run accumulation strategy.
Ethereum Whale Accumulation Source: Ted/X
Notably, the most recent transfer involved 4.86 million through a Binance hot wallet. The last transactions were a week and three weeks ago, with a scale of between 4.5 million and 8.1 million.
Consequently, such regular outflows indicate that a high-confidence holder was minimizing their exposure to centralized exchanges. Intriguingly, part of the funds were shifted to Ethereum 2.0 Beacon Deposit Contracts, supporting the possibility that the assets will be staked.
Moving large volumes of ETH to self-custody or staking protocols typically indicates preparation for future holding rather than short-term trading.
Wyckoff Pattern Suggests Ethereum Price Rally
Meanwhile, analysts have noted that Ethereum price structure followed the Wyckoff accumulation model. According to a breakdown from market analyst Cas Abbé, ETH hit a local top at $2,900 and then experienced a capitulation phase below $2,100. This pattern mirrored the Wyckoff model’s Spring phase, which often precedes a new price expansion.
Ethereum Price 1-Day Chart Source: CasAbbe/X
Additionally, the structure has reached the Sign of Strength (SOS) and the Last Point of Support (LPS). Within this structure, Ethereum price can further consolidate until it attempts to hit the resistance at $2,800 with a breakout. If the asset manages a daily close above that level, technical projections estimate a short-term target of $3,500.
Ethereum Price Rebounded From Accumulation Range
Another analyst, Kamran Asghar, pointed out that Ethereum price repeatedly bounced off a key support level near $2,350. This zone has formed the lower boundary of a broader accumulation range that has been developing since May. After briefly dipping below this area in late June, ETH recovered and re-entered the range.
Ethereum Price 1-Day Chart Source: Kamran/X
More so, Kamran identified this recent bounce as a confirmation that the bottom is in. His visual projection targets a potential rally toward the $3,800–$4,000 zone, assuming ETH breaks out of its horizontal channel.
The accumulation range itself has constrained the top altcoin between roughly $2,350 and $2,900. Several false breakouts and retests indicate market indecision before resolution.
Ethereum Price Structure Holds Resistance
At the time of writing, Ethereum price traded at around $2,510, slightly below the resistance mark at $2,800. This point matched the Wyckoff range and the upper limit of the accumulation zone. Any move above this level may most likely generate a higher volume and might lead to a bigger breakout.
The persisting whale activity, stronger structural chart support, and level tests keep up a bullish setup. Further supporting a bullish breakout, a recent analysis indicated that Ethereum price was holding the $2,500 support level while network activity climbed toward peak 2021 levels.
Meanwhile, Bitcoin dominance had reversed from its local top, historically signaling altcoin rotation. If Ethereum price reclaims $2,800, analysts suggested this could trigger an altseason led by ETH.
