Kraken's $12.8 million worth of Ethereum departure could instigate a $3,000 pursuit under specific conditions...
Ethereum Eyeing Breakout as Whale Accumulation Reinforces Bullish Sentiment
Over the past month, Ethereum (ETH) has witnessed substantial buying interest from large investors, with over 1 million ETH acquired, according to data revealed by on-chain analyst, Ali Martinez. This accumulation, observed in the period ending May 28, 2025, comes as ETH stabilizes following weeks of consolidation.
Two newly created wallets withdrew approximately 4,838 ETH, worth around $12.86 million, from Kraken, as per the blockchain transaction tracker, Onchain Lens. This latest acquisition is bolstering Ethereum's price action, signaling a growing confidence among whales.
CryptoQuant Analyst expects a potential rally towards $3,000-$3,500, should ETH manage to break free from its current consolidation phase and surpass its 200-day Exponential Moving Average (EMA). This key long-term support has been critical for Ethereum's price movement thus far.
To confirm a sustained rally, the altcoin must not only break above its immediate resistance level of $2,870 but also close a daily candle above this level. If successful, ETH might experience a 22% spike, potentially reaching $3,530.
However, the market remains vulnerable to liquidation pressure. At present, both long and short positions are concentrated around $2,607 and $2,716, according to CoinGlass. A breakout could trigger intense volatility due to the close fight between bulls and bears at these critical levels.
In light of Ethereum's recent price action, investors and traders should closely monitor key resistance levels to assess the likelihood of a sustained rally. The buying frenzy among whales and the corresponding reduction in ETH exchange supply have set the stage for a potential rise in ETH's price. Nevertheless, the ultimate impact on Ethereum's price will depend on broader market conditions and economic factors.
- The accumulation of Ethereum (ETH) by large investors, as seen in the past month, has been reinforced by bullish sentiment, with over 1 million ETH acquired according to on-chain analyst, Ali Martinez.
- The withdrawal of approximately 4,838 ETH, worth around $12.86 million, from Kraken by two newly created wallets is bolstering Ethereum's price action, signaling growing confidence among whales.
- CryptoQuant Analyst predicts a potential rally towards $3,000-$3,500 for Ethereum (ETH), provided it breaks free from its current consolidation phase and surpasses its 200-day Exponential Moving Average (EMA).
- To sustain a rally, Ethereum must not only break above its immediate resistance level of $2,870 but also close a daily candle above this level, potentially leading to a 22% spike, reaching $3,530.
- However, the Ethereum market remains vulnerable to liquidation pressure, with both long and short positions concentrated around $2,607 and $2,716, according to CoinGlass. A breakout could trigger intense volatility due to the close fight between bulls and bears at these critical levels.
