- Between February 1 and 9, Ethereum wallets holding 10,000+ ETH rose by 2.3%, from 941 to 963.
- Over 121,512 ETH worth $323.4 million were withdrawn from major exchanges, indicating long-term holdings.
- Ethereum’s $3,000 level is crucial for bulls to regain control and spark a bullish rally.
Ethereum has been struggling below the $2,800 mark since last Thursday, leaving bulls in trouble as the price continues to trade beneath key supply levels. The bearish price action has shaken investor confidence, especially among those who anticipated 2025 would be a bullish year for Ethereum. Last week’s massive selling pressure further compounded fears, with ETH struggling to reclaim lost ground.
Blockchain data highlights a sharp increase in Ethereum wallets holding at least 10,000 ETH. Ali Martinez said these high-value wallets grew from 941 to 963 between February 1 and February 9, representing a 2.3% rise. Historically, such accumulation during price dips has been a precursor to upward price movements.
Whale Activity Indicates Bullish Momentum for Ethereum
Ethereum is trading at $2,688, reflecting a 3% decrease over the past 24 hours. Large-scale investors, commonly known as whales, continue accumulating substantial amounts of ETH. Analysts suggest this activity could reverse Ethereum’s price trend as whale accumulation often precedes bullish momentum.
Further supporting the bullish outlook, on-chain data from Lookonchain reveals significant Ethereum outflows from major exchanges. Over 121,512 ETH, worth approximately $323.4 million, has been withdrawn from platforms like Binance and Bitfinex. Such withdrawals indicate long-term holdings, reducing immediate selling pressure.
A whale-controlled address, identified as “0xb99a…BcF5,” transferred 56,909 ETH valued at $151.6 million from Binance. Another address, “0xEd0C…4312,” withdrew 64,603 ETH worth $171.8 million. It suggests major holders are moving funds to cold storage, signaling confidence in ETH’s future price appreciation.
Ethereum’s $3,000 Breakout Could Spark Bullish Rally
ETH faces key resistance levels as it struggles to reclaim lost ground. The cryptocurrency recently rebounded from its lows, climbing back to $2,700, yet remains bearish. Bulls are under pressure, with the $3,000 level emerging as a critical threshold to regain control and shift the market narrative.
Breaking above $3,000 would signal a shift in momentum, giving bulls a chance to regain strength. The 200-day moving average aligns with this level, historically acting as a catalyst for bullish rallies. A successful move above $3,000 could attract renewed investor interest and push ETH toward higher price levels.
Conversely, losing the $2,600 support level could expose ETH to further declines, potentially revisiting its recent lows. Based on Ethereum’s price movements and technical indicators, market sentiment will likely shift, with traders closely monitoring whether bullish momentum can take hold in the coming days.
Recent whale accumulation and exchange withdrawals suggest confidence among large investors. If ETH reclaims $3,000 and holds it as support, a broader rally could follow. However, with market uncertainty lingering, Ether’s next move remains crucial for its short-term and long-term outlook.
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