Even though the market is trading below the crucial $2,000 threshold, Ethereum whales are still demonstrating confidence. Recent on-chain data indicates that wallet 0x2d59 took 40,000 $ETH, roughly $76.6 million, out of Binance in two different transactions. It was one of the biggest exchange outflows of the day, with a 30,000 $ETH withdrawal and another 10,000 $ETH shortly after. Large withdrawals from centralized exchanges are typically seen as a positive indication.
Important momentum change
Coins leaving exchanges usually signify that investors plan to hold their assets in private wallets or deploy them elsewhere in decentralized finance rather than sell them on the open market right away, in contrast to deposits, which frequently precede selling activity. In particular, the timing is intriguing. With a current price of about $1,930, Ethereum is once again up against the 100-day exponential moving average.
$ETH has spent the last few weeks testing this resistance and creating higher lows after bouncing back from the severe correction in June. The market continues to absorb selling pressure without giving back much of the recent recovery, despite buyers’ inability to produce a clear breakout. Technically, Ethereum’s structure has significantly improved. The asset is trading above the 50-day EMA at $1,760 and the 20-day EMA at $1,850, indicating that both short- and medium-term momentum are still positive.
The next obstacle is still the 100-day EMA, which has rejected multiple recovery attempts in July. The psychological $2,000 mark would probably come into focus after a successful close above $1,930. After that, the 200-day EMA at $2,175 is the next significant barrier and the last one standing between Ethereum and a longer-term, more extensive uptrend. Momentum indicators are still encouraging.
Momentum is finally back
The RSI is close to 58, indicating strong bullish momentum without entering overbought territory. If buyers are able to turn the current resistance into support, there is potential for further gains.
An additional bullish layer is added to the technical picture by the whale accumulation. When coins are moved into newly funded wallets, institutional-sized withdrawals frequently reduce the amount of supply immediately available on exchanges. Although a single transaction does not always result in higher prices, periods of long-term accumulation are often accompanied by repeated withdrawals of this magnitude.
Ethereum is currently trading just below one of the key resistance levels in the market. A 40,000 $ETH withdrawal from Binance, persistent higher lows, and an improving technical structure all point to large investors positioning for future gains rather than preparing to sell. The much-anticipated test of $2,000 may come much sooner than expected if buyers eventually clear the 100-day EMA.
