Ethereum Whale Moves $17.5 Million, Signals Long-Term Accumulation

Ethereum (ETH) has recently shown strong structural support, with large-volume purchases dominating exchanges. Analysts have identified key resistance levels that could determine whether ETH can reach the $4,000 mark in the near future.

An Ethereum whale has withdrawn approximately $17.5 million in ETH from Binance over a three-week period, indicating a long-term accumulation strategy. The most recent transfer involved 4.86 million ETH through a Binance hot wallet, with previous transactions occurring a week and three weeks ago, ranging from 4.5 million to 8.1 million ETH. This pattern of regular outflows suggests that a high-confidence holder is reducing exposure to centralized exchanges, with some funds being shifted to Ethereum 2.0 Beacon Deposit Contracts, indicating potential staking.

Moving large volumes of ETH to self-custody or staking protocols typically signals preparation for future holding rather than short-term trading. This behavior aligns with the Wyckoff accumulation model, where ETH hit a local top at $2,900 and then experienced a capitulation phase below $2,100. This pattern, known as the Spring phase in the Wyckoff model, often precedes a new price expansion. The structure has reached the Sign of Strength (SOS) and the Last Point of Support (LPS), suggesting that Ethereum price can further consolidate until it attempts to hit the resistance at $2,800. If ETH manages a daily close above this level, technical projections estimate a short-term target of $3,500.

Another analyst noted that Ethereum price repeatedly bounced off a key support level near $2,350, forming the lower boundary of a broader accumulation range that has been developing since May. After briefly dipping below this area in late June, ETH recovered and re-entered the range. This recent bounce is seen as a confirmation that the bottom is in, with visual projections targeting a potential rally toward the $3,800–$4,000 zone, assuming ETH breaks out of its horizontal channel. The accumulation range has constrained ETH between roughly $2,350 and $2,900, with several false breakouts and retests indicating market indecision before resolution.

At the time of writing, Ethereum price traded at around $2,510, slightly below the resistance mark at $2,800. This point matches the Wyckoff range and the upper limit of the accumulation zone. Any move above this level may generate higher volume and lead to a bigger breakout. The persisting whale activity, stronger structural chart support, and level tests maintain a bullish setup. A recent analysis indicated that Ethereum price was holding the $2,500 support level while network activity climbed toward peak 2021 levels. Additionally, the reversal of Bitcoin dominance from its local top historically signals altcoin rotation. If Ethereum price reclaims $2,800, analysts suggested this could trigger an altseason led by ETH.