130,000 Ethereum Withdrawn From Exchanges Amid Ongoing Price Decline

Ethereum (ETH) is trading at its lowest levels since late 2023, down over 57% since December 2024. The cryptocurrency struggles to regain momentum amid macroeconomic uncertainty and volatility.

Key points include:

Over 130,000 ETH moved off exchanges by whales in the past week, indicating accumulation.
Short-term sentiment remains bearish, but historical whale accumulation often precedes rebounds.
ETH trades below a multi-year support level, which may create resistance going forward.
Current trading price is around $1,904, with resistance at $2,000.
A sustained push above $2,000 could lead to targets of $2,250–$2,400.
Failure to hold current levels may result in a decline towards $1,600.

Whale activity suggests positioning for potential recovery, but macroeconomic conditions will influence ETH's short-term direction. Strong buying pressure is essential to avoid further declines.