Ether Investors Withdraw from Exchanges as Whale Purchases Surge
Ethereum (ETH) is currently trading at $2,639, reflecting a 1.5% increase in the past 24 hours. Trading volume surged by 40% to $23.72 billion, indicating increased investor interest.
- On May 28, two wallets withdrew 4,838 ETH (approximately $13 million) from Kraken.
- On May 27, four wallets took out 4,392.6 ETH (around $11.7 million) from OKX, showing a trend towards self-custody and long-term holding.
- Whales accumulated over 1 million ETH in the past month, demonstrating strong institutional confidence.
- Ether ETFs have seen $310 million in inflows over the last week.
- ETH’s market capitalization has increased nearly $100 billion in the past 30 days, reaching around $318 billion.
- Michael Van de Poppe notes that ETH is testing a resistance range between $2,627 and $2,850, with a breakout potentially leading to prices above its all-time high of $4,891.
- Technical indicators suggest a bullish outlook, with potential price targets of $2,900 and $3,000 if certain resistance levels are surpassed.
The RSI is nearing overbought territory, while the MACD shows signs of a possible trend shift. The price is close to the upper boundary of Bollinger Bands, with short-term support at the mid-band (20-day SMA).
ETH price chart with RSI and Bollinger Bands | Source: TradingView
ETH price chart with RSI and Bollinger Bands | Source: TradingView