Major Ethereum holders have withdrawn approximately $280 million worth of ETH from exchanges in 24 hours, signaling potential accumulation during a market dip. On-chain data shows a sharp decline in exchange reserves as the asset’s price attempts a recovery above a critical support level. Trader sentiment appears to be shifting bullish following a recent 40% price decline in the past week.
Whales and institutions withdrew 186,168 Ethereum worth approximately $280 million from major exchanges within a day. This significant movement, tracked by Onchain Lens, typically suggests assets are being moved to private wallets for potential accumulation. The data reinforces a trend of large investors possibly seizing a buying opportunity after ETH lost over 40% of its value last week.
On-chain analytics from CryptoQuant shows exchange reserves fell by 219,203 ETH over 24 hours. This outflow is another strong indicator of whale accumulation during the market’s recent downturn.
At press time, Ethereum’s price had increased by 4.5% to trade at $2,108. Despite this gain, trading volume declined by 35% to $34.35 billion, indicating some market hesitation.
The key level for a potential reversal is $2,180, a support level lost during the broader market decline. A daily close above this price could signal a sharper recovery, while rejection may lead to a decline toward $1,550.
Technical indicators showed strong momentum with the Average Directional Index at 49. The Money Flow Index rose to 33.24 from 11, signaling accelerating buying pressure after oversold conditions.
Derivative data reveals traders built approximately $247.67 million in long positions and $189.54 million in short positions at key levels. This leverage concentration is visible on the ETH exchange liquidation map from Coinglass.
