- Ethereum whale wallets holding over 10,000 ETH increased by 2.3% in early February, hinting at growing confidence in a price rebound.
- Over 121,512 ETH valued at $323.4 million moved from exchanges to whale wallets, reducing short-term selling pressure.
- Technical indicators suggest Ethereum’s bearish trend is weakening, with RSI nearing oversold territory and the MACD histogram showing signs of reversal.
Ethereum is trading at $2,700.01, reflecting a 2% increase over the past 24 hours. The latest market movement comes as large-scale investors, commonly known as whales, continue to accumulate substantial amounts of ETH. Analysts suggest this activity could indicate a potential reversal in the cryptocurrency’s price trend.
Whale Wallets See Notable Growth
Blockchain data shows a sharp increase in Ethereum wallets holding at least 10,000 ETH. According to analyst Ali Martinez, the number of these high-value wallets grew from 941 to 963 between February 1 and February 9, representing a 2.3% rise. Historically, such accumulation during price dips has been a precursor to upward price momentum.
Further supporting the bullish outlook, on-chain data from Lookonchain highlights significant Ethereum outflows from major exchanges. Over 121,512 ETH, worth approximately $323.4 million, was withdrawn from platforms like Binance and Bitfinex within a short period.
One whale-controlled address, identified as “0xb99a…BcF5,” transferred 56,909 ETH valued at $151.6 million from Binance. Another address, “0xEd0C…4312,” withdrew 64,603 ETH worth $171.8 million from Binance and Bitfinex. Major holders transfer large amounts of funds to cold storage as an indicator for long-term holdings which rules out any immediate selling plans.
Technical Indicators Signal Possible Trend Shift
Market sentiment appears likely to transform based on observation of Ethereum’s price patterns and technical measurement analytics. An RSI measurement of 35.82 indicates bearish market conditions currently exist. Previous price rebounds led to market movements when the RSI crossed the oversold threshold.
The Moving Average Convergence Divergence indicator shows bearish momentum through its signal line maintaining a position above the MACD line. The length of histogram bars becomes gradually reduced which signals a potential bullish divergence alongside a declining selling force.
Recent whale accumulation of Ethereum Presents strong indications that market participants believe Ethereum has bright recovery potential. Several factors including rising whale ownership and exchange withdrawals together with changing technical indicators support the prospect of ETH price recovery within a short period. Market participants will observe Ethereum developments to determine if it will maintain its price growth.
