Ethereum has attracted strong whale activity after large withdrawals from Binance caught the market’s attention.
As of Tuesday, March 24, the data from Lookonchain shows that three newly created wallets withdrew 54,763 ETH worth about $118.24 million within two hours, suggesting coordinated accumulation. Traders often view such large purchases of Ethereum (ETH) as a potential bullish signal.
Source: Lookonchain’s X Post
The use of newly created wallets suggests possible institutional or high-net-worth investors moving funds for long-term holding rather than trading. Large outflows from exchanges reduce the available supply on the market, which can increase price pressure.
Lookonchain notes that whale accumulation events often reflect growing confidence in Ethereum, keeping traders alert for further buying activity.
Also Read: Is Ethereum Gearing Up for a Rally? Whale Buying and Volume Explosion Say Yes
Ethereum Accumulation Phase May Lead to $20K High
Following this on-chain milestone, Ethereum seems to be making headlines once again as a patient and long-term accumulation map indicated price levels that are most likely to dictate the next market cycle.
According to Crypto Patel, the price range between $1,400 and $1,800 appears to be the strongest accumulation zone, in which long-term investors are known to be buying more. The fact that history tends to repeat itself in this zone also seems to be indicating that ETH might be building a base.
Source: Crypto Patel’s X Post
The chart points to $4,700 as the key resistance, which could potentially trigger a breakout. According to Crypto Patels, if the price breaks through the resistance and holds above it, it could set the stage for reaching $10,000, then $15,000, and even $20,000 in the following bull market. If the support holds, Ethereum could reach price discovery and move above five figures for the first time.
Momentum Indicators Support Upcoming Breakout
According to TradingView, the RSI level is at 56.21 and indicates a neutral mood that’s quietly bouncing back. After touching the oversold levels around the 23, it’s now trading well above its signal line of 43.70.
This indicates that selling pressures may be subsiding and making room for a possible bullish momentum, even though it’s still well below the overbought level of 70.
Source: TradingView
The MACD is now bullish with the blue line crossing up past the orange signal line. Although the numbers are still negative, the histogram has changed from red to green, suggesting a potential change in the trend.
This suggests that the bearish trend may be weakening, but a move past zero is needed to confirm a price reversal.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Ethereum 2026: Turbocharging L1-L2 Synergy for Explosive Blockchain Growth
