While Ethereum’s price hovered around $4,300, a significant surge in whale transactions was observed. Whales accumulated 260,000 ETH in 24 hours, hinting at a possible increase in its value. Analysts suggest maintaining this level could place a $7,000 target in the spotlight.
Whale Accumulation and Exchange Outflows Mark Ethereum’s Trajectory
Seasoned analyst Ali Martinez highlighted that wallets holding between 10,000 and 100,000 ETH acquired around 260,000 ETH in the last 24 hours. This brings the total whale holdings close to 29.6 million ETH, as prices touched $4,400. These whale acquisitions are recorded as some of the most substantial in recent times.
Furthermore, in August, there was a significant outflow of ETH from exchanges. On August 14, outflows reached 2.8 million ETH, coinciding with a price rise from $3,600 to $4,800. In the subsequent weeks, the price moved between $4,300 and $4,600, while outflow volumes tapered off. By early September, daily outflows fell below 500,000 ETH.
The data indicates that while whales continued withdrawing ETH from exchanges, the pace of outflows slowed as of September.
Technical Indicators Point Towards Optimistic Ethereum Outlook
ETH’s funding rates on exchanges were positive throughout August. On September 2, these rates approached 0.02, one of the month’s highest figures. Positive funding rates reveal a dominance of long positions.
Analyst Merlijn shared a chart indicating Ethereum has surpassed a multi-year resistance trend line since 2021. This level is currently being tested as support. Merlijn suggests this indicates a transition into the growth phase, with targets above $7,000 coming into focus.
The analyst also noted that Ethereum’s long-term channel structure holds steady, marking an official end to the accumulation phase below $2,750.
According to CryptoAppsy data, ETH was trading at $4,397 with a 1.73% decrease over the past 24 hours during the preparation of this article.
