Large-scale Ethereum accumulation by newly created wallets on Binance signals potential bullish momentum. Technical indicators suggest fading selling pressure, while analysts identify key resistance levels that could pave the way for significant future price appreciation.
Ethereum has attracted strong whale activity after large withdrawals from Binance caught the market’s attention. According to data from Lookonchain, three newly created wallets withdrew 54,763 ETH worth about $118 million within two hours, suggesting coordinated accumulation.
The use of newly created wallets suggests possible institutional or high-net-worth investors moving funds for long-term holding rather than trading. Lookonchain notes that whale accumulation events often reflect growing confidence in Ethereum, keeping traders alert for further buying activity.
Following this on-chain milestone, analysts point to a patient accumulation phase that could 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 chart points to $4,700 as the key resistance, which could potentially trigger a breakout. Crypto Patel states that if the price breaks through this 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.
Technical momentum indicators also support a potential upward move. The RSI level is at 56.21 and indicates a neutral mood that’s quietly bouncing back, suggesting selling pressures may be subsiding.
The MACD is now bullish with the blue line crossing up past the orange signal line, suggesting a potential change in the trend. Although the numbers are still negative, the histogram has changed from red to green, indicating the bearish trend may be weakening.
