Today, Ethereum (ETH) witnessed $37.17 million pulled from exchanges, according to data reported by the Data NERD. The withdrawal activity could be a sign of a potential price jump. While such actions often hint at upcoming changes, it’s important to explore what crypto users might expect next.
$37.17 million ETH withdrawn from exchanges
ETH is currently on the radar after two new wallets picked the asset as their best investment opportunity. The two whales withdrew a total of 14,739 ETH worth $37.17 million from Coinbase and Kraken today.
Such substantial outflows from exchanges are notable accumulations that could build buying pressure and push further upward momentum. Such huge withdrawals normally happen before significant price hikes, suggesting an ideal time to buy Ethereum before further price increases.
By engaging in such strategic investments, whales are reducing the Ethereum supply on exchanges, a bold move that may trigger price ascension. As this notable supply reduction changes the market’s balance, a massive price rally looms to become a reality.
What’s next for ETH?
Today, Ethereum is currently worth $2,508.18, a slight decline from its recent high of $2,681 recorded on Thursday, May 29 this week. The second-largest digital asset has been moving in a tight consolidation range, loitering around the $2,500 to $2,600 zone.
Bitcoin has displayed strength with one of its recent biggest price actions in history, climbing a new AHT of $111,814 on May 22. However, ETH’s price movement has remained stuck, lacking the strength to move above key resistance regions of $2,600 and $2,800.
Despite its upside moves, the price has frequently avoided a rise past $2,600, highlighting worries about the viability of the upsurge. Technical analysis shows that the token is currently trading in a cup-and-handle pattern, indicating that the asset is likely to continue its upturn momentum after a brief drop.
For the asset to move out of its ongoing correction mood, it must break out of the $2,600–$2,800 resistance region, which has been challenging to conquer. In his technical analysis posted on X on May 30, market analyst Daan Crypto revealed that ETH is now experiencing a significant price barrier at a $2,800 price level. The analyst disclosed that $2,800 has demonstrated to be a crucial price level in the Ethereum market. A climb above this zone has been acting as a precursor to a substantial surge, with a possibility of pushing above $3,000.
