Ethereum Price Prediction: Will ETH Rally After $90M Whale Withdrawals?
Ethereum has been making waves as ETH whales withdraw massive amounts of ETH from Binance following a market rebound. Four new wallets withdrew 8,440 ETH worth $28.43 million, followed by ten more fresh wallets pulling out 17,698 ETH worth $61.66 million in the current trading session. These significant moves suggest potential whale accumulation, a behavior often linked to bullish price action. Analysis of recent price trends and on-chain metrics indicate that Ethereum’s supply dynamics may be setting the stage for its next rally.
On-chain data confirms this whale activity, as a spike in high-value transfers coincided with the notable withdrawals from Binance. Between December 18th and 20th, large transactions increased by over $4 billion. The Ethereum Exchange Netflow chart also highlights a significant net outflow from exchanges, with more ETH leaving than entering. This trend reduces the available supply on exchanges, signaling reduced selling pressure and growing confidence among large holders.
The Ethereum price chart shows ETH stabilizing around $3,470 after a brief pullback, remaining above the 50-day Moving Average (MA) and trading within a bullish territory according to the Ichimoku Cloud indicator. This stability, combined with whale accumulation and positive technical indicators, suggests that Ethereum is poised for a potential breakout, especially if demand continues to outpace supply.
While short-term consolidation is possible, the broader market dynamics indicate a bullish outlook for Ethereum. With exchange reserves dwindling and large holders accumulating ETH, the stage is set for a potential breakout in the near future.
