Ethereum (ETH) remained near $1,700 even as four large holders accumulated 87,083 ETH worth about $153.8 million during the market pullback.
Key Points:
- Four whales accumulated 87,083 ETH worth about $153.8 million as Ethereum traded near $1,700.
- Large withdrawals reduced exchange supply, but technical momentum remained weak.
- ETH could test $1,710 or $1,681 unless buyers help the price reclaim the $1,847 area.
Ethereum Whale Buying
Ethereum traded at about $1,748 after failing to hold $1,800, posting a modest 0.68% daily gain while remaining under pressure near the $1,700 level.
Large investors continued buying into that weakness. Onchain Lens reported that one whale withdrew 30,010 ETH worth $52.84 million from Coinbase Prime into a new wallet.
Lookonchain tracked two additional buyers.
One new wallet withdrew 8,239 ETH worth $14.5 million from several exchanges, while another whale bought 11,843 ETH valued at $20.8 million.
A fourth wallet withdrew 37,000 ETH worth $65.66 million from Gemini and staked the funds in batches through the Eth2 Beacon Chain, bringing combined accumulation across the four wallets to 87,083 ETH.
The buying also coincided with a decline in Ethereum's exchange supply ratio to 0.129, a level last seen in 2016, indicating that more ETH was moving away from centralized exchanges.
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Ethereum Price Outlook
Lower exchange supply can reduce the amount of ETH immediately available for sale, but the recent accumulation has not yet produced a clear price recovery.
Technical momentum remained weak.
The Stochastic Momentum Index formed a bearish crossover and fell to 37, suggesting that whale demand had not been strong enough to reverse the broader trend.
If weakness continues, Ethereum could fall toward $1,710, with $1,681 identified as another critical support area. A stronger recovery would require ETH to reclaim the $1,847 level, which could improve upward momentum.
The latest accumulation follows an extended period of sideways trading in which large holders have absorbed supply without producing an immediate breakout, leaving Ethereum's near-term direction dependent on whether sustained demand can overcome weak momentum around $1,700.
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