Ethereum Blasts Past $2,300 as Binance Bleeds 85K ETH—Analyst Eyes $3,840 Next

Ethereum’s price just ripped through $2,300 as whales yanked 85,000 ETH off Binance—the biggest exchange outflow in weeks. Traders are scrambling as a top analyst doubles down on a $3,840 price target, citing ’institutional accumulation patterns.’

Meanwhile, crypto bros are pretending this isn’t the same asset that bled 60% last year. Classic finance amnesia—where every pump is ’fundamentals’ and every dump is ’market manipulation.’

• Ethereum surged 23.41% in 24 hours to $2,381, with a 7-day gain of 31.09%
• Over 85,000 ETH were pulled from Binance, tightening supply and hinting at investor confidence.
• Analyst sees wedge breakout with $3,840 target, marking a possible 76.15% price jump ahead.

Ethereum has broken past the $1,900 mark, signaling renewed strength across the cryptocurrency market. At the latest check, ETH stood at $2,381, marking a 23.41% gain in the past 24 hours. Over the last seven days, it has climbed 31.09%, reflecting broader recovery in digital assets.

This surge followed a period where ethereum had struggled to maintain momentum. The recent upswing appears tied to key market activities, including exchange withdrawals and stablecoin creation, both suggesting rising investor confidence and liquidity entering the market.

CryptoQuant analyst Amr Taha pointed to significant movements on Binance ahead of Ethereum’s price jump. According to Taha, over 85,000 ETH were pulled from the exchange just before the rally past $1,900. This level of outflow, one of the largest in recent months, typically signals a tightening of sell-side liquidity and suggests that investors may be holding rather than selling.

On-Chain Clues Align with Price Jump

Such large withdrawals often mean assets are moved to private wallets or other platforms, reducing coins available for immediate sale. This shrinkage in exchange supply can fuel price increases when demand remains steady or climbs.

Adding to the bullish signals, Tether Treasury minted $1 billion in USDT on the TRON blockchain on May 7. Taha noted that while this freshly minted stablecoin did not directly flow into Ethereum, the timing suggests part of the liquidity might have been funneled into Ethereum markets or related pairs. 

Historically, large stablecoin issuances often precede institutional or over-the-counter buying activity, bolstering liquidity across crypto assets.

Together, these developments point to a scenario where reduced exchange reserves and fresh capital inflows support the current price strength. Analysts see these factors as setting a positive backdrop for its short-term outlook.

Ethereum Bullish Pattern Hints at $3,840 Target

Well-known crypto analyst Captain Faibik identified another encouraging sign. According to Faibik, Ethereum has successfully broken out of a descending broadening wedge, a pattern it had been forming over five months. During this time, the price kept making lower highs and lower lows, creating widening boundaries marked by failed rallies and deepening sell-offs.

This formation, often linked with increasing volatility, is considered a bullish pattern once the price breaks through the upper resistance. Faibik confirmed that Ethereum has decisively breakout above the $2,200-$2,250 resistance zone on the daily chart.. This MOVE suggests that buying pressure has overtaken the sellers, a shift that can open the path for higher prices.

Faibik projected a price target around $3,840 by measuring the widest part of the wedge and adding it to the breakout point. This would mark a 76.15% increase from the breakout level. The analysis reflects Optimism that Ethereum’s rally could extend further if market conditions hold. 

Another analyst, Titan of Crypto, echoed similar sentiment, stating that Ethereum’s momentum could carry it to the $3,000 to $3,500 range in the coming weeks. 

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