An Ethereum whale pulled 10.3K ETH, worth about $19.5 million, off Kraken within 24 hours and staked part of it, tightening available supply. Spot buyers stayed dominant even as derivatives funding cooled, with ETH trading near $1,899 below the $1,960.50 resistance that stands between consolidation and a run toward $2,100.
Whale withdrawal shrinks exchange supply
An Ethereum whale moved 10.3K ETH, valued at approximately $19.5 million, off Kraken in a span of just 24 hours. The activity followed the wallet's earlier withdrawal pattern, and the most recent transaction alone pulled another 5K ETH worth approximately $9.53 million.
The wallet did not simply hold the coins. It also staked 2.02K ETH, worth approximately $3.84 million, through Ethereum's Beacon Deposit Contract, moving part of the withdrawn supply toward staking instead of leaving it as immediately available liquidity.
Spot buyers reinforce the accumulation
Spot Taker CVD added a bullish layer, with the 90-day indicator remaining buyer-dominant at the time of writing. The whale's exchange withdrawals did not run against the broader supply trend; instead, they reinforced it alongside that buyer dominance in the spot market.
However, derivatives conviction told a different story. Ethereum's funding rate stayed positive at 0.003827 while falling 53.53% in 24 hours, showing long positions still paid shorts even as leveraged enthusiasm cooled. The lower funding rate may also curb the risk of overheating as buyers test resistance.
Can ETH clear the $1,960.50 resistance?
Ethereum traded near $1,899 after repeatedly holding above the $1,870.61 support area, with the $1,960.50 resistance still restricting recovery. On the shorter time frame, the Parabolic SAR turned below price toward $1,822.08, giving buyers added technical support while ETH held above $1,735.31.
The RSI reached 53.96, above its 53.18 average, keeping the reading slightly above neutral with room for more buying before overbought territory. A decisive break above $1,960.50 could open a path toward the $2,100 resistance zone, and sustained whale withdrawals combined with spot buying would further support that expansion. If the recovery fails to hold, $1,735.31 becomes the key support level.
Source: AMBCrypto
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