Large Ethereum holders withdrew over $33 million worth of ETH from major exchanges in a coordinated move, signaling aggressive accumulation. The withdrawals coincided with price action testing a critical support zone near $1,818, while a bullish momentum crossover and surging funding rates suggested a potential turning point amid tightening market liquidity.
Whale entities withdrew over 17,000 ETH within hours. In one transaction noted by Tom Lee’s Bitmine, 10,000 ETH were moved from Kraken, while a separate wallet pulled 7,000 ETH from Binance.
These deliberate withdrawals reduce immediate sell-side supply. The activity reinforces a tightening liquidity environment as entities shift holdings into private wallets.
Ethereum continues to trade within a long-term descending channel. The price was recently hovering around $1,954, sitting just above the $1,818 support zone that aligns with the channel’s lower trendline.
A sustained hold above this level maintains channel integrity. A decisive breach would expose deeper downside risk toward prior demand zones.
The MACD line confirmed a bullish crossover on the daily timeframe. “This crossover signals that selling pressure has weakened considerably,” according to the analysis.
Spot netflow data showed persistent negative readings, with the latest at -$7.06 million. “This consistent pattern strengthens the supply contraction thesis,” the data indicates.
Funding Rates surged by 249.75% to 0.002620. This elevated level reflects aggressive long positioning in perpetual markets.
Such leverage expansion often accompanies early recovery attempts. This dynamic sets the stage for heightened volatility as both sides test conviction.
Overall, coordinated accumulation and tightening supply suggest large players are positioning for potential stabilization. However, failure to sustain key support would increase liquidation risks given elevated funding levels.
