An Ethereum (ETH) whale moved 10,300 tokens worth roughly $19.5 million off Kraken in 24 hours, then routed part of the sum into staking.
Key Points:
- A tracked wallet pulled 10,300 ETH off Kraken across two transfers, then staked 2,020 of them through the Beacon Deposit Contract.
- Ether traded near $1,899 on Tuesday, still held back by resistance at $1,960.50.
- Analysts split on direction, with one targeting $2,030 on a breakout and another expecting a dip to $1,715 first.
Ethereum Whale Empties Kraken Position
The wallet, tagged 0x8447, withdrew 5,300 tokens valued near $9.98 million from the exchange on Monday, according to blockchain intelligence firm Arkham Intelligence. A second transfer of 5,000 tokens, worth about $9.53 million, followed inside the next trading day, extending a withdrawal pattern this wallet has run for weeks. Together the two moves stripped roughly $19.5 million in Ether out of Kraken order books.
The same address then staked 2,020 tokens worth about $3.84 million through Ethereum's Beacon Deposit Contract, pushing that supply beyond the reach of spot sellers for as long as the validator stays active. Etherscan records show it had already pulled about 357 tokens off the exchange last month and locked up 224 more, a slow build that predates this week's transfers.
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Ted Pillows Eyes $1,960 Breakout
Ether climbed almost 2% on Aug. 17 and traded near $1,899 on Tuesday, still short of the $1,960.50 ceiling that has capped every rally since late July. Analyst Ted Pillows said the uptrend remains intact and put the breakout zone between $1,945 and $1,960. A confirmed close above that band would open a path toward $2,030, he said, a target that sits just above the declining 200-day moving average near $2,009.
Analyst Merlijn The Trader took the other side, telling followers he expects a dip toward $1,715 before any expansion phase begins, citing a June setup that produced a sharp bounce.
Derivatives traders have not matched the conviction of spot buyers. Ethereum's funding rate held positive at 0.003827 but slid 53.53% in a day, a sign that leveraged longs are thinning out even as prices hold. Cumulative volume delta over 90 days still favors aggressive buyers.
Ethereum Supply And Price Swings
Corporate treasuries are absorbing supply along the same trend. BitMine Immersion Technologies added 9,926 tokens last week, lifting its holdings above 5.8 million ETH, or close to 4.8% of circulating supply, with nearly 87% of it staked.
Ether has traded between roughly $1,850 and $1,960 since late July, and its daily RSI reading of 53.96 leaves the market well short of overbought. The token bottomed near $1,530 in June, then built a run of higher lows that buyers kept defending. It still sits about 45% below its 2026 high, which explains why traders read every approach to $1,960 as a test of whether the June recovery still has legs.
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