A single wallet moved 40,000 ETH, roughly $76.6 million, off Binance in two transactions, one of the biggest exchange outflows of the day. Ethereum trades at about $1,930, pressing again against the 100-day exponential moving average that has rejected multiple recovery attempts in July.
Recent on-chain data indicates that wallet 0x2d59 took 40,000 ETH, roughly $76.6 million, out of Binance in two different transactions: a 30,000 ETH withdrawal and another 10,000 ETH shortly after. Large withdrawals from centralized exchanges are typically seen as a positive indication.
Ethereum whales are still demonstrating confidence, and coins leaving exchanges usually signify that investors plan to hold their assets in private wallets or deploy them elsewhere in decentralized finance rather than sell them on the open market right away. Deposits, in contrast, frequently precede selling activity.
Ethereum meets the 100-day EMA again
The timing is intriguing. Ethereum is once again up against the 100-day exponential moving average at a current price of about $1,930, after spending the last few weeks testing this resistance and creating higher lows following its bounce back from the severe correction in June.
Buyers have not produced a clear breakout, yet the market continues to absorb selling pressure without giving back much of the recent recovery. Technically, Ethereum's structure has significantly improved: the asset trades above the 50-day EMA at $1,760 and the 20-day EMA at $1,850, indicating that both short- and medium-term momentum are still positive.
What stands between ETH and $2,000
The next obstacle is still the 100-day EMA, which has rejected multiple recovery attempts in July. A successful close above $1,930 would probably bring the psychological $2,000 mark into focus. After that, the 200-day EMA at $2,175 is the next significant barrier and the last one standing between Ethereum and a longer-term, more extensive uptrend.
Momentum indicators are still encouraging. The RSI is close to 58, indicating strong bullish momentum without entering overbought territory, and if buyers are able to turn the current resistance into support, there is potential for further gains.
Whale accumulation adds a bullish layer to the technical picture, because institutional-sized withdrawals frequently reduce the amount of supply immediately available on exchanges when coins move into newly funded wallets. A single transaction does not always result in higher prices, but periods of long-term accumulation are often accompanied by repeated withdrawals of this magnitude.
Source: U.Today
Trading involves risk.
Risk Disclaimer
