Ethereum Whales Move $113 Million Amid Bullish Technical Setup

In a span of less than 24 hours, two significant Ethereum whale transactions occurred, involving a total of over 45,000 ETH, valued at more than $113 million. The first transaction saw 23,075 ETH, worth approximately $57.57 million, transferred from an unknown wallet to Binance. This move could indicate that large investors are liquidating their Ethereum holdings. The second transaction involved 22,500 ETH, valued at around $56.07 million, moved from Ceffu to an unknown recipient. Ceffu primarily offers digital custodial and security services to large financial institutions, making the transfer to an untracked destination noteworthy due to the unpredictability of the asset's next location or use.

These large-scale movements have sparked speculation among investors and analysts about the potential impact on Ethereum prices. The technical setup in the market also suggests a bullish outlook for Ethereum. According to a chart shared by Crypto Gems, Ethereum is currently consolidating within an ascending triangle pattern. This pattern forms when a horizontal resistance level meets higher lows, indicating buyer pressure. The current triangle is forming between support at roughly $2,500 and resistance near $2,700. The volume during this consolidation period appears stable, with no steep declines that would suggest weakening momentum. Ascending triangles are commonly understood as continuation patterns during an upward trend.

Ethereum price has regained momentum by surging above levels below $2,200 and is close to achieving the resistance at $2,540 due to its steady movement along with concentrated trading volume. According to Crypto Gems, a breakout above $2,700 could lead the price to hit $3,000. Ethereum price has repeatedly tested the resistance level while consolidating. A strong rise might occur if trading volume picks up after the level is broken. Looking at Fibonacci retracement points in the market showed that $2,870 represented the 50% level when compared with the market’s highest price. Provided the breakout holds, the next levels will be $3,000 and $3,865, where they align with the 0.75 Fibonacci level. This aligned with previous market trends, where ETH price has shown rapid moves once technical patterns break in either direction.

Additionally, according to analyst Ted Pillows, Ethereum price is stabilizing for now, following a period of rapid growth in May. The market is reflecting short-term gains due to strong investment in ETFs and active transactions on the blockchain. Ted Pillows' Ethereum price prediction suggests that ETH price would reach $3,000 within a month in June. The Q3 2025 period could lead to a rise in ETH as it approaches $4000. His confidence is based on improved fundamentals and renewed investor sentiment, especially in light of institutional interest. Technically, the long-term chart supports Ted’s bullish stance. Ethereum price appears to be respecting a large ascending channel after breaking out from a prolonged symmetrical triangle.

At the time of writing, Ethereum price traded at $2,544, up 1.44% on the day. After dipping near $2,475, bulls regained control, pushing the price above $2,500 with rising volume and renewed short-term momentum. The combination of whale movements and technical indicators suggests a bullish outlook for Ethereum, with the potential for the price to reach $3,000 in the near future.