Kraken Sees Major Ethereum Deposit Amid Market Correction, But Bullish Signals Remain

Ethereum’s price correction from $2,800 appears temporary as it finds strong support NEAR $2,460, currently trading around $2,550. Despite a whale depositing 10,195 ETH (worth $25.67 million) to Kraken exchange, indicating potential selling pressure, broader market data reveals underlying strength. Technical analysis shows ETH broke below a short-term bullish trend line at $2,555, yet other indicators suggest resilience in the market. This mixed signals scenario presents an interesting dynamic for traders and investors monitoring Ethereum’s performance on Kraken and other platforms.

Ethereum Price Correction May Be Temporary as Market Data Shows Underlying Strength

Ethereum’s recent pullback from the $2,800 level appears to be finding firm support near $2,460, with the cryptocurrency now trading around $2,550. While a whale deposited 10,195 ETH (worth $25.67 million) to Kraken exchange, potentially signaling some selling pressure, broader market indicators suggest resilience.

Technical patterns show ETH broke below a short-term bullish trend line at $2,555, yet the asset maintains crucial support above $2,500. Notably, retail participation remains subdued compared to historical market tops—a sign this bullish phase may still be in its early stages.

Spot market activity tells a compelling story: buyers have consistently outpaced sellers throughout May, even after the retreat from recent highs. This fundamental demand, coupled with restrained leverage in derivatives markets, paints a picture of healthier consolidation rather than distribution.

Monero Traders Bet on Rebound as Futures Open Interest Hits 3-Month High Amid Price Plunge

Monero’s 45% seven-week rally has met a sharp reversal, with XMR tumbling nearly $100 since Monday’s peak. The privacy coin now tests critical support at $325 on Kraken—a level last seen before its regulatory-driven ascent began.

Futures markets tell a different story. Open interest surged to 161,370 XMR contracts, eclipsing December’s figures. Traders appear to be positioning for either a rebound or extended volatility, particularly with Monero’s FCMP++ quantum resistance upgrade looming.