Despite Ethereum’s price being under $2,000, major investors – known as ‘whales’ – appear optimistic. Recent blockchain data shows one wallet moved 40,000 ETH (around $76.6 million) away from Binance in two transactions. This was a significant outflow from the exchange, consisting of a 30,000 ETH withdrawal followed by another 10,000 ETH. These large-scale withdrawals are generally considered a bullish sign for Ethereum.
Important momentum change
When cryptocurrency moves *out* of exchanges, it often means people intend to hold onto it – either by storing it securely in their own digital wallets or using it in decentralized financial applications – instead of selling immediately. This is the opposite of when coins are deposited into an exchange, which usually happens before someone sells. Interestingly, this is happening now as Ethereum, currently priced around $1,930, tests a key technical level: its 100-day exponential moving average.
Ethereum has been testing a key resistance level for several weeks, steadily making higher lows after recovering from the sharp price drop in June. Despite buyers struggling to push the price significantly higher, the market is handling selling pressure well and holding onto most of the recent gains. From a technical perspective, Ethereum’s chart is looking much healthier. The price is currently above both the 50-day and 20-day exponential moving averages ($1,760 and $1,850 respectively), suggesting positive momentum in both the short and medium term.
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Ethereum still faces a key challenge at the 100-day moving average, which has previously stopped price increases. If the price can close above $1,930, it’s likely to draw attention to the $2,000 level. Beyond that, the 200-day moving average around $2,175 represents the final hurdle before a potentially sustained and significant upward trend. Fortunately, indicators suggest the current momentum remains positive.
Momentum is finally back
The Relative Strength Index (RSI) is around 58, which suggests a healthy and growing upward trend – but it’s not yet showing signs of being overbought. If buyers can successfully break through the current resistance level and establish it as support, prices could continue to rise.
Whale activity is adding to the positive outlook for the market. When large investors (often institutions) move coins into new wallets, it typically decreases the number of coins available for sale on exchanges. While one large transaction doesn’t guarantee a price increase, consistent accumulation like this often happens before prices go up.
Ethereum’s price is nearing a significant resistance point, but recent activity suggests large investors are buying, not selling. A large amount of ETH has moved out of Binance, and the price is steadily making small gains, indicating a positive technical outlook. If buyers can break through a key technical level, Ethereum could reach $2,000 much faster than predicted.
2026-07-29 13:37