- A single whale withdrew 3,844 ETH from Bitget in two weeks, reducing exchange supply and signaling growing investor confidence.
- Ethereum surpassed $1,700 with a 4% gain and is now retesting the 50-day EMA around $1,880 for further upside confirmation.
- RSI near 39 and a bullish pennant breakout with rising volume indicate strong technical support for Ethereum’s current recovery trend.
Ethereum is showing signs of a steady recovery as significant whale activity emerges across centralized exchanges. A notable investor has withdrawn a total of 3,844 ETH, valued at around $6.51 million, from Bitget over the last two weeks.
The latest transaction, recorded approximately 10 hours ago, involved a withdrawal of 1,897 ETH worth roughly $3 million. These developments reflect increasing confidence from large holders and hint at a potential shift in market sentiment.
Price Surges Past $1,700 With Strong Daily Gains
Following a consistent period of volatility, Ethereum has moved decisively above the $1,700 mark. The asset has recorded a daily increase of nearly 4 percent, showing signs of renewed momentum. On the technical chart, Ethereum recently exited a short-term bullish pennant formation, a move that generally points to a continuation of upward momentum.
The current price of Ethereum at $1,880 indicates an attempt to regain the 50-day Exponential Moving Average as previous price resistance. Upper support levels should remain stable in this position to create an opportunity for the asset to move toward the resistance bands at $2,200 to $2,300. Bullish investors may use the $2,200 to $2,300 price range, which matches the 100-day EMA as their mid-term trading goal.
The data indicates that Ethereum continues up in an upward trajectory. Ethereum withdraws steadily from digital exchanges, which indicates fewer traders will sell their coins at short notice. The transformation demonstrates that institutional holders among investors are increasingly confident in their market moves. Extensive accumulation by prominent wallet owners implies that their long-term investment strategies affect market conditions at present.
Ethereum’s Relative Strength Index registers at about 39 after moving out of its oversold position. The current momentum has started to increase, which shows strengthening momentum, but the indicators avoid entering overbought territory. The trend reversal idea receives additional backing since trading volumes rose during the breakout period.
