Ethereum broke out of its $2.3K to $2.4K range but retraced below $2.5K. Whales are accumulating and withdrawing coins from exchanges, yet momentum indicators still read bearish.
Ethereum climbed to $2,526 after hovering between $2.3K and $2.4K, but the price soon slipped back under $2.5K. At press time, ETH traded around $2,435, down 0.16% on the daily charts.
Large holders kept accumulating through the volatility, but that activity had yet to translate into stronger price momentum.
Whales withdraw $60.68 million in ETH from exchanges
The Whale Behaviour Shift showed 133 whales adding over 426K ETH, according to the report. Separately, Lookonchain highlighted three whales withdrawing Ethereum from exchanges.
One withdrew 10,954 ETH worth $26.97 million from Kraken and staked it after four months of inactivity. Another withdrew 9,000 ETH worth $22.42 million from Binance and deposited it into Aave. A third withdrew 4,500 ETH worth $11.29 million from Binance.
Together, the withdrawals totaled 24,454 ETH, valued at $60.68 million. The moves suggested some large holders preferred staking, lending, or holding Ethereum away from exchanges despite the volatility. Still, those choices alone could not establish expectations of an imminent rally.
Exchange netflow turns negative
Exchange data echoed the shift. Over 12 hours, outflows exceeded $365 million, pushing Netflow to approximately -$30 million. That reversed the preceding 24-hour period, when inflows outpaced outflows and Netflow reached $21 million.
Fewer coins on exchanges could ease immediate selling pressure. Even so, Ethereum's price had yet to reflect that potential support.
Momentum indicators stay bearish
Sellers retained the upper hand in the momentum indicators. The Relative Strength Index stood at 42, below the neutral 50 level, which indicates bearish momentum.
The Positive Directional Indicator (+DI) hovered around 17, while the Negative Directional Indicator (-DI) remained above it. Together, the indicators suggested whale accumulation had yet to overcome broader selling pressure.
If that momentum persists, Ethereum could revisit $2.3K. However, stronger demand following the whale accumulation could help it reclaim $2.5K, potentially bringing $2.7K into view.
Source: AMBCrypto
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