- Ethereum whales withdrew $37.17M worth of ETH, accumulating 14,739 ETH from Coinbase and Kraken wallets.
- ETH price remains range-bound between $2,500 and $2,600, struggling to break key resistance near $2,600–$2,800.
- Surpassing $2,800 resistance could trigger a major uptrend, potentially pushing Ethereum toward the $3,000 psychological level.
Ethereum (ETH) faced renewed selling pressure, dropping below $2,500 late in the trading session. A surge in selling volume coincided with weakening risk sentiment as global trade tensions and U.S. tariff threats sparked risk-off behavior. Crypto assets mirrored traditional markets, reacting sensitively to geopolitical uncertainty and market instability.
On-chain data showed significant Ethereum inflows into centralized exchanges, most notably a 385,000 ETH transfer to Binance. This activity raised speculation that institutional investors were trimming positions. Despite ETH recovering slightly to $2,506, traders are closely monitoring whether this level can hold or if further decline is imminent.
Whale Activity Signals Bullish Momentum
Defying the recent trend of selling pressure, Ethereum witnessed a notable shift today as $37.17 million worth of ETH was withdrawn from exchanges, according to Data NERD. Such actions often suggest potential bullish momentum. With two large wallets accumulating a total of 14,739 ETH from Coinbase and Kraken, investor confidence in Ethereum’s long-term value appears to be strengthening.
These sizable outflows indicate strong accumulation, typically observed before price rallies. The reduced Ethereum supply on trading platforms may increase scarcity, potentially leading to upward price pressure. Historically, similar whale moves have preceded major price jumps in the crypto market, positioning ETH for a possible bullish reversal.
ETH Faces Resistance Near $2,600–$2,800
Despite the recent accumulation, Ethereum remains trapped in a tight trading range, fluctuating between $2,500 and $2,600. The current price of $2,508.18 marks a modest drop from last week’s peak of $2,681. ETH has struggled to break through critical resistance points near the $2,600 and $2,800 levels.
Technical analysis of the Ether chart brings up a cup-and-handle pattern indicating the current market position as bullish. On the contrary, for the asset to move out of the ongoing correction phase and resume its uptrend, the price must rise above the $2,600-$2,800 resistance zone decisively. A substantial increase in demand for the coin may be the game-changer in the resistance breakout.
Daan Crypto, a market analyst, pointed out that Ethereum needs to cross the $2,800 level to develop further in his analysis on X from May 30. He also found that in the past, once the level was conquered, significant uptrends began. A successful breakout at $2,800 may lead the way for Ethereum to climb to $3,000, a level of great psychological significance.
Read More: Ethereum Flashes Powerful Rare Bullish Signal as Whale Activity Surges
