Ethereum attempts to hold above $2K as whales withdraw $155M in ETH

The Ethereum price is showing signs of stabilization as large investors accumulate significant amounts of ETH from major cryptocurrency exchanges.

According to blockchain analytics shared by Lookonchain, a newly created wallet withdrew 11,629 Ethereum (ETH) worth about $23.7 million from Binance over the past two days.

In a separate transaction, another whale wallet identified as 0x8E34 removed 63,324 ETH valued at roughly $131.2 million from Kraken during the same period.

Large withdrawals from exchanges are often interpreted as a bullish signal because investors typically move assets to private wallets for long-term holding rather than immediate selling.

The combined withdrawals total more than 74,000 ETH, suggesting that institutional or high-net-worth investors may be positioning ahead of a potential price move.

Ethereum price analysis

Based on the ETH/USDT daily chart, Ethereum is currently trading around $2,050, remaining largely range-bound after a sharp correction earlier in February.

The chart shows that ETH has been consolidating between $1,950 and $2,150 for several weeks, forming a sideways structure after rebounding from lows near $1,800.

The immediate resistance level sits around $2,150–$2,200. A decisive breakout above this zone could trigger momentum toward the $2,400 level, where the previous sell-off accelerated.

On the downside, strong support appears near $1,950, with deeper structural support around $1,800, which marked the February bottom.

The Relative Strength Index (RSI) is currently near 50, reflecting neutral momentum and suggesting the asset is neither overbought nor oversold. This reading typically occurs during consolidation phases before a larger directional move.

Meanwhile, the Accumulation/Distribution indicator is stabilizing after a sharp drop earlier in the month, hinting that buying pressure may be gradually returning.

The recent whale withdrawals could tighten exchange supply if the coins remain off trading platforms. When combined with Ethereum’s current consolidation pattern, such accumulation phases often precede stronger price movements.

However, traders will likely watch for a break above $2,200 to confirm a bullish continuation. Until then, Ethereum may remain trapped within its current range as the market waits for a decisive catalyst.