- Ethereum breaks out of a four-month downtrend, gaining nearly 10% and attracting renewed interest from whales and retail traders.
- Whales are making bold moves including multi-million dollar ETH buys and large exchange withdrawals, signaling strong bullish conviction.
- A confirmed breakout above key resistance and rising price structure points to a potential rally toward the $2,477 technical target.
Ethereum has broken out dramatically from a multi-month downtrend, spurring new optimism across the market. Price is currently at $1,783.56, a strong rebound from April’s low of $1,525. The uptrend follows Ethereum’s catastrophic drop from $4,000 in December 2024, creating a descending channel that persisted for over four months. A triangular consolidation pattern formed in late March, hinting at a potential shift. Mid-April’s breakout confirmed the reversal. Since then, Ethereum has gained nearly 10%, igniting interest among whales and retail traders alike.
Whale Activity Signals Growing Confidence
Large Ethereum holders have re-entered the scene in force. According to Lookonchain, wallet 0xd81E has withdrawn 48,477 ETH, worth $100.35M, from Gate.io since February. Despite holding an unrealized $21M loss, this whale continues accumulating, suggesting long-term conviction. Additionally, wallet 0x3bd2 withdrew 2,600 ETH from Binance after a year of inactivity. These movements highlight renewed confidence in Ethereum’s upside potential.
Moreover, Spot On Chain reported that another whale borrowed $34.75M USDT from Aave to buy 19,973 ETH at $1,740. This whale currently collateralizes 50,000 WETH on Aave, valued at $89.8M. They borrowed 65.85M USDT at a healthy rate of 1.12, with a liquidation level set at $1,549.5. These aggressive plays reflect bullish sentiment among high-cap investors.
Technical Setup Supports Continued Upside
The ETH/USDT shown by World Of Charts reinforces this bullish narrative. The breakout from the triangular base coincided with the downtrend channel’s upper boundary. The price now trades decisively above both, signaling a confirmed reversal. The next technical target lies around $2,477, suggesting a 50% move from the breakout level.
Ethereum now prints higher highs after months of lower lows. This structural shift supports further momentum. The chart’s price target zone starts at $1,650, reinforcing current support. Furthermore, the breakout occurred with solid follow-through and no immediate retracement.
