- An Ethereum whale moved $14.8M to Kraken after two years, stirring fears as ETH trades within a tightening bullish triangle pattern.
- Ethereum hovers near $1,641 with low volume and rising tension as bulls and bears clash below the key resistance at $1,670.
- A breakout above $1,670 may lead ETH to $1,900, but a drop below trendline support could trigger a fall back to the $1,400 zone.
According to Spot On Chain, an Ethereum whale recently moved 8,922 ETH, worth $14.8 million, to Kraken after over two years of holding. The transfer occurred roughly 11 hours ago and may reflect panic selling. Notably, the same whale had previously sold near the bottom during the Terra collapse. This action has caught market watchers’ attention, especially as Ethereum currently trades within a critical technical pattern.
Price Action Signals Market Indecision
Currently, Ethereum hovers around $1,641. It remains trapped beneath the key resistance at $1,670. The price structure reveals a tightening ascending triangle. This formation often precedes significant price movement. Moreover, Ethereum has posted higher lows since rebounding from the $1,400 demand zone earlier this month.
Besides, bullish momentum has increased gradually. The trendline support has held firm during each retest, reinforcing short-term buyer strength. However, sellers have rejected every attempt to break above $1,670. Hence, the chart shows clear compression, with bulls and bears battling for dominance.
Additionally, trading volume remains low. This lack of strong volume confirms indecision at current levels. Consequently, traders await confirmation before committing to new positions. A spike in volume may soon accompany a breakout or breakdown, resolving the pattern.
Two Outcomes Lie Ahead
If Ethereum breaks above $1,670 with volume, it could surge toward $1,900. This target aligns with the triangle’s measured move. This breakout would confirm buyer control and potentially trigger broader market optimism. However, a failed breakout may signal trouble. If ETH breaks below its ascending trendline, it may revisit the $1,400 demand zone. Such a move could trigger renewed selling pressure and test buyer resilience.
Moreover, the whale’s recent sell-off raises concerns about short-term sentiment. Though not necessarily bearish, it hints at caution among large holders. Furthermore, it adds weight to the bearish argument if price action loses the higher low structure.
