Ethereum: Can $61M in whale withdrawals help ETH bulls regain control?
Some Ethereum whales put their holdings to work while the price struggled to find its footing.
After hovering between $2.3K and $2.4K, Ethereum [ETH] finally broke out of the range, climbing to $2,526.
However, the altcoin soon retraced below $2.5K. At press time, Ethereum traded around $2,435, down 0.16% on the daily charts.
Whales continued accumulating through the volatility, but their activity had yet to translate into stronger price momentum.
Can Ethereum whales help reclaim $2.5K?
As Ethereum [ETH] struggled to hold $2.5K, whales stepped up on both the buy and sell sides. The Whale Behaviour Shift showed increased accumulation, with 133 whales adding over 426K ETH.
Lookonchain highlighted three whales withdrawing Ethereum from exchanges.
One withdrew 10,954 ETH worth $26.97 million from Kraken and staked it after four months of inactivity. Another withdrew 9,000 ETH worth $22.42 million from Binance and deposited it into Aave.
A third withdrew 4,500 ETH worth $11.29 million from Binance. Together, these withdrawals totaled 24,454 ETH, valued at $60.68 million.
These moves suggested some large holders preferred staking, lending, or holding Ethereum away from exchanges despite market volatility. Still, those choices alone could not establish expectations of an imminent rally.
Exchange activity echoed that shift. Over 12 hours, outflows exceeded $365 million, pushing Netflow to approximately -$30 million.
That reversed the preceding 24-hour period, when inflows outpaced outflows and Netflow reached $21 million.
Fewer coins on exchanges could ease immediate selling pressure. Even so, Ethereum’s price had yet to reflect that potential support.
Why does Ethereum’s momentum remain bearish?
Although some whales increased their holdings, sellers retained the upper hand in Ethereum’s momentum indicators. The Relative Strength Index (RSI) stood at 42, below the neutral 50 level, indicating bearish momentum.
Likewise, the Positive Directional Indicator (+DI) hovered around 17. The Negative Directional Indicator (-DI) remained above it, reinforcing the bearish reading.
Together, these indicators suggested whale accumulation had yet to overcome broader selling pressure. They did not identify which holders were selling.
If that momentum persists, Ethereum could revisit $2.3K. However, stronger demand following the whale accumulation could help Ethereum reclaim $2.5K, potentially bringing $2.7K into view.
For now, the indicators offered limited support for that recovery.
