Whale accumulation appears to be driving the current growth of Ethereum, highlighting increasing interest from high-net-worth investors and potential institutions. Recent on-chain data reveals aggressive movements by large wallets, pulling tens of millions of dollars’ worth of ETH off centralized exchanges and into private storage—actions that are often interpreted as bullish signals.
Among the notable transactions, a newly created wallet identified as 0x9D99 withdrew 5,297 ETH, valued at approximately $24.7 million, from both Bitget and Binance. Additionally, whale wallet 0x7451 received 13,322 ETH, equivalent to about $61.65 million, from FalconX just an hour earlier. Another new wallet, 0x4d43, further contributed to the accumulation trend by withdrawing 4,208 ETH, around $1.9 million, from Binance recently.
The ongoing trend of large withdrawals suggests that investors may be focused on long-term holdings rather than short-term trading. This behavior typically tightens market supply and reduces immediate selling pressure, which could potentially lead to upward price movements if demand remains strong. Notably, Ethereum’s supply on exchanges is currently at multi-year lows, intensifying the potential impact of this accumulation.
From a technical standpoint, Ethereum has been trading within the range of $4,500 to $4,600 following a robust summer rally. Despite some recent declines, the overall structure remains bullish. Ethereum is comfortably above two critical support levels: the 50-day Exponential Moving Average (EMA) at approximately $4,200 and the 100-day EMA around $3,700. The prevailing uptrend continues even after a rejection near the $4,700 mark, which is thought to reflect short-term profit-taking. Whale inflows could provide a buffer against further declines.
Looking ahead, Ethereum may retest the resistance zone between $4,800 and $5,000, although this range represents both technical and psychological barriers. A breakout above the $5,000 threshold could trigger increased momentum buying, potentially leading to new price highs. The synchronized movement of whale activity and Ethereum’s price performance underscores the growing confidence of investors in ETH’s long-term viability.
Despite recent market volatility, the scale of whale accumulation suggests a strong belief in Ethereum’s future prospects. If this demand continues and aligns with a broader recovery in the cryptocurrency market, ETH’s price could be poised for another significant increase.
