Whale accumulation is officially underway, and Ethereum is displaying encouraging signs of recovery, which are confirmed by on-chain activity. A significant whale has taken out 3,844 ETH in total over the last two weeks (approximately $6.51 million) from Bitget, a centralized exchange. The most recent withdrawal was 1,897 ETH, or about $3 million, 10 hours ago. These significant fluctuations imply that powerful investors are lining up for a possible Ethereum rally.
From a technical perspective, Ethereum is now trading above $1,700, indicating a robust daily gain of almost 4%. Recently the asset exited a short-term bullish pennant, which is a continuation pattern that frequently indicates additional upward movement. The breakout supports the notion that a local trend reversal is gaining momentum, especially when combined with a discernible increase in trading volume.
Whales continue to accumulate $ETH!
A whale withdrew another 1,897 $ETH($3M) from #Bitget 10 hours ago.
This whale has withdrawn 3,844 $ETH($6.51M) from #Bitget since April 3.https://t.co/HZN9KLPt6M pic.twitter.com/0HCPswZx8w
Now at about $1,880, ETH is making an effort to retake the 50-day EMA, which has served as the asset's consistent ceiling over the previous month. In addition to possibly opening a route toward the $2,200-$2,300 resistance zone, regaining this level would probably pique investor interest once more. This level may serve as a medium-term target for bulls and is also in line with the 100-day EMA. At the same time, the RSI has risen out of oversold territory and is now hovering around 39, suggesting that momentum is building without going overboard.
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The upward trend coincides with growing on-chain accumulation patterns, particularly by big organizations that have a history of outpacing fluctuations in the market. The ongoing removal of Ethereum from exchanges suggests that there is less short-term sell pressure and that investors are confident in Ethereum's long-term prospects.
This whale behavior, whether it be for staking, holding or DeFi-related activity, foreshadows marketwide optimism and might be a trigger for Ethereum's reversal. This is a phase worth closely monitoring because it combines a technical breakout, increasing momentum and whale accumulation - all of which point to Ethereum possibly preparing for a significant recovery.
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