Ethereum Whales Withdraw 6,989 ETH, Price Surge Possible

Ethereum, the second-largest cryptocurrency by market capitalization, has exhibited signs of a potential price surge following significant movements by large holders, commonly referred to as whales. These whales have been transferring substantial amounts of ETH, which has sparked speculation about an impending price increase. The price of Ethereum has been fluctuating within the range of $2,110 to $2,500, with a brief crossing of the $2,500 mark on June 29. However, it remained range-bound on June 30, indicating a period of consolidation before a potential breakout.

According to on-chain reports, a major Ethereum whale has withdrawn 6,989 ETH (worth around $17.5 million) from Binance over the past three weeks. Just recently, the same wallet removed 1,900 ETH, valued at nearly $4.86 million, from the exchange. This kind of large-scale withdrawal reduces exchange liquidity, and if demand surges while supply dips, it could lead to a supply shock—a classic recipe for a price rally. The latest data shows that Ethereum exchange reserves are steadily falling, with the total exchange reserve now at 18,962,692 ETH, down from 19,576,503 ETH on May 1. This drop suggests more ETH is being moved to cold wallets or DeFi platforms—an indicator of long-term holding sentiment among investors.

For weeks, ETH has been consolidating between $2,400 and $2,700. A breakout above this range could confirm bullish momentum. The 50-day SMA is above the 100 and 200-day SMAs—indicating short- to mid-term bullish momentum. The neutral RSI means ETH still has room to grow without entering overbought territory. If the current whale accumulation trend continues and ETH breaks above $2,700, analysts expect a move toward $3,000 and possibly beyond. A shrinking exchange supply and bullish technicals could fuel that breakout.

The Ethereum market has been driven by various factors, including the increasing adoption of decentralized finance (DeFi) applications and the growing interest in non-fungible tokens (NFTs). These factors have contributed to the demand for ETH, which is used as the primary currency for transactions on the Ethereum network. The recent whale movements and the bullish market sentiment suggest that Ethereum is poised for a price surge, which could see it reaching the $3,000 mark in the near future. However, it is important to note that the cryptocurrency market is highly volatile, and price movements can be unpredictable. Therefore, investors should exercise caution and conduct thorough research before making any investment decisions.