Ethereum has pushed back above the $2,300 mark as buying interest re-emerges after months of downward pressure, signaling a potentially important short-term sentiment shift. Traders say momentum is strengthening as buyers try to regain control following an extended corrective phase — and on-chain data shows large investors are already acting on that view.
Whales move back in
Blockchain analytics firm Lookonchain flagged multiple large withdrawals from exchanges that point to strategic accumulation. Notable moves include:
- Address 0x7143 withdrawing 10,000 ETH (about $23.28 million) from Bitget.
- A newly created wallet, 0x672D, withdrawing 4,300 ETH (about $10.02 million) from OKX.
Large transfers from exchanges into private wallets typically indicate holders are preparing for longer-term positions rather than immediate selling. By reducing the amount of ETH readily available on exchanges, these withdrawals can remove near-term selling pressure — a bullish ingredient if buying continues.
Price action and technical picture
On the weekly chart, Ethereum is trading near $2,310 after a sharp rebound from February lows near $1,600. That downturn produced a clear capitulation event — visible in a volume spike — before buyers stepped in. Since then ETH has climbed back above $2,000 and tested the $2,300–$2,400 area, which now serves as key short-term resistance.
Structurally, however, ETH remains in a medium-term consolidation. Price is still below the 200-week moving average, which sits overhead and continues to slope down, indicating the broader trend hasn’t fully flipped bullish. At the same time, Ethereum has reclaimed shorter-term moving averages, suggesting buying pressure is returning after months of distribution.
What to watch next
- A sustained hold above $2,300 could clear the way toward resistance zones near $2,700 and $3,100, where previous consolidation and moving averages converge.
- Failure to hold the $2,300 level risks a renewed range-bound phase between roughly $2,000 and $2,300 as the market searches for direction.
Bottom line: the combination of renewed price strength and sizable exchange withdrawals by large holders hints that accumulation may be replacing selling. Whether this momentum grows into a broader recovery will depend on follow-through above $2,300 and how macro and on-chain flows develop in the coming days.
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