Ethereum News: Whale Withdraws Major Stake After Months of Inactivity, Sparking Market Speculation

A significant development in the Ethereum market has occurred as a large whale withdrew a considerable amount of ETH from the Binance exchange after a period of inactivity. This move has sparked widespread speculation about the whale’s future intentions and potential market implications.

Whale Withdraws $16.46M in ETH from Binance After 2 Months of Inactivity

A whale recently withdrew 8,313 ETH, valued at $16.46 million, from the Binance exchange. The withdrawal occurred after two months of inactivity, signaling a potentially significant shift in the whale’s investment strategy. This move has caught the attention of analysts and crypto enthusiasts, as actions from large holders can have far-reaching implications on the market. Following the withdrawal, the whale’s Ethereum holdings amounted to 11,197.53 ETH, worth $22.17M, facing a loss of $3.8M.

Ethereum Supply Squeeze? 10-Year Low Ignites Price Speculation

The supply of Ethereum on cryptocurrency exchanges has declined to a level not seen since November 2015. Around 8.97 million ETH are currently held by exchanges, indicating a shift in how investors are storing the digital currency. This shortage comes despite a decline in Ethereum’s price. The declining volume of Ether on exchanges suggests that holders are moving their funds elsewhere, likely due to the rise of decentralized finance (DeFi) and staking.

Ethereum Price Forecast: ETH sees increased buying pressure as Pectra upgrade draws closer

Ethereum (ETH) is experiencing increased buying pressure as the Pectra upgrade approaches. The Ethereum price today is $1,960. According to Santiment, the Ethereum supply on exchanges has dropped to a 10-year low. In March, Ethereum accumulation addresses added 2.11 million ETH. If ETH fails to hold a key descending trendline, it could find support at $1,800. ETH trades above $1,900 on Friday as investors step up buying pressure. The top altcoin could be set for a recovery if the Pectra upgrade acts as a strong price catalyst.

Ethereum (ETH) Fails to Retain $2,000 as Sellers Take Control

Ethereum (ETH) has failed to retain the $2,000 level as sellers take control of the market. Technical indicators, including RSI and DMI, indicate increasing bearish pressure in the short term. The RSI has dropped sharply from 71 to 46.63, signaling a shift in momentum and entering neutral territory. Traders are monitoring key support and resistance levels to determine the next direction for ETH.