Ether whales pile up $480M as they are ready to climb, but history cautions that the actual peak might still be ahead. Interestingly, ETH price and exchange trends differ.
The recent price resurgence in Ethereum has seen a large number of whales showing their interest, and a total of 480 million ETH has been accumulated.
Interestingly, Bitmine Immersion Technologies purchased 128,718 ETH in new wallets, transferring tokens off big exchanges such as FalconX and Kraken shortly after a crash in the market.
This high buy-side momentum indicates that smart money is gearing up for another ETH price increase.
A Break from Historic Patterns?
Bull cycles of Ethereum history have seen the highs of their bull cycles coincide with sharp increases in exchange withdrawals, highs of 250,000 to 300,000 tokens exchanged in a single day, as the first signs of retail euphoria, and leading to tops.
These spikes were in the great bull runs of 2018, 2021, and early 2024. Now, exchange withdrawal counts are, however, decreasing, and this is contrary to the trend, indicating that this is a movement that should be upwards in terms of price recovery.
This anomaly shows that either there is an essential change in the behavior of the market, or that the very top of the market, with an increased withdrawal chaos, has not yet been reached.
The typical indicators of unstable euphoria and mass exchanges token exits, which characterized the past tops, do not exist, which makes the future prospects of ETH interesting and risky.
Whales Guard Crucial Price Zones
On-chain data indicates that even though the withdrawal activity is understated, whales have been heavily involved in protecting strategic support areas. There are strong buy walls of up to $3,300 to $3,500 that signify confidence in the levels.
The relative strength index (RSI) of Ethereum is moderately oversold in the case of a relief rally (usually), and bearish measures such as the MACD are losing momentum.
Ether, at a price close to $3,824, has risen almost 2 percent following a steep backlash. These technical indicators indicate that there is a relief on the downside.
Whale build-up is a possibility should the buyers support around 3500, and this should all translate to a long-term bounce.
Such a dynamic interaction between clearing whales and contrite withdrawal action renders the present stage of Ethereum particularly interesting.
Even though historic sell-off signals are still to come, whales seem to believe in more upside.
Overall, the whale acquisition in Ethereum has added up to 480 million dollars, which is the cause of hope of a new run, but market history tells us not to be optimistic.
No one has experienced withdrawal spikes, which leaves a possibility of the fact that the cycle has yet to reach its real peak, and the next price movement of ETH is going to be dramatic.
