Bybit’s Aggressive ETH Accumulation Signals Potential Price Breakout

• Bybit’s large Ethereum purchases signal strong institutional interest fueling bullish sentiment in the market
• Institutional activity surges as OTC transactions with major firms and unmarked addresses indicate deep-pocket investors backing Ethereum
• Ethereum is consolidating near $2850 resistance and if broken bullish momentum could drive prices significantly higher

Bybit has intensified its Ethereum accumulation, raising speculation about an imminent breakout. According to Wu Blockchain, Bybit’s suspected address (0x2E…1b77) recently received 100 million USDT. Shortly after, 50 million USDT was sent to the OTC addresses of Galaxy Digital and FalconX. Consequently, a total of 36,900 ETH was acquired and deposited. Furthermore, another 17,500 ETH was bought from Galaxy Digital.

Bybit’s ETH Purchases and Institutional Activity

Bybit continued its accumulation spree by transferring an additional $48 million to Galaxy Digital and FalconX. This resulted in purchasing 34,800 ETH, which was later deposited.

Moreover, institutional activity has been noteworthy. An unmarked institutional address (0xbA…85ae) actively engaged in OTC transactions with Bybit. Between February 22 and February 23, this address transferred 22,600 ETH in five separate deposits. Simultaneously, it withdrew 73.599 million USDT from Bybit. This consistent movement indicates substantial institutional involvement, reinforcing Ethereum’s bullish sentiment.

Ethereum Price Action and Technical Outlook

Ethereum price action is very positive, trading under an ascending triangle setup. Resistance levels have grown near $2,850, while the rising trendline continues to support the price of Ethereum. Historically, the price tests this support several times before running toward resistance.

Currently, Ethereum is consolidating near its upper resistance. The recent breakout attempt suggests strong bullish momentum. A decisive move above $2,850 could open the door for further gains. Consequently, traders are closely monitoring this level, anticipating a potential breakout.

The Ethereum trading volume is currently at 23.9K, indicating increased market participation. The price started with an opening price of $2763.53, rallied to a high of $2818.84, and closed at $2816.20, reflecting an overall increase of +1.91% for the day.

Market Sentiment and Future Implications

Ethereum retains an upside trend marked by higher lows and a tightening price range. Should the price remain structural support and break above $2,850, bullish momentum may carry it to higher levels. On the other hand, if it fails to hold key support, retesting lower levels may follow.ullish momentum could drive it toward higher levels. However, failure to hold key support may lead to a retest of lower levels.