Ethereum (ETH) price has climbed more than 7% in the last seven days. Despite the gains, whale activity remains cautious, reflecting some hesitation among large holders.

On the technical side, EMA lines are indicating a bullish setup, suggesting that momentum could continue building. If the uptrend sustains, ETH could see further gains, though key support levels may come into play if the trend weakens.

ETH’s net transfer to exchanges turned positive on October 29, with 35,000 ETH moved to exchanges. This typically indicates bearish sentiment, as holders transferring assets to exchanges might be preparing to sell.

Increased supply on exchanges often correlates with potential selling pressure, which can weigh on the price in the short term.

Read more: How to Invest in Ethereum ETFs?

However, the broader context tells a different story. On October 25, more than 361,000 ETH was withdrawn from exchanges, marking the largest outflow since May 30.

Such a significant withdrawal suggests that many holders are opting for long-term storage, reflecting a bullish outlook.

Despite ETH being up 7.54% in the last week, whale activity suggests that large holders are still uncertain. The number of addresses holding at least 1,000 ETH has been on a decline since the beginning of October, dropping from 5,614 on October 1 to 5,534 by October 30.

Although the number of whales briefly increased on October 25, coinciding with a major withdrawal of ETH from exchanges, the count has since started decreasing again.

Tracking whale activity is crucial because these large holders can significantly impact the market with their trades. A decreasing number of wallets holding over 1,000 ETH suggests a lack of confidence among major investors, potentially leading to reduced buying support.

This trend might indicate a bearish outlook for ETH, as fewer whales could mean reduced potential for large-scale accumulation, which is often needed to sustain or push prices higher.

Although whales seem cautious, the EMA lines are indicating a bullish setup for ETH price. Recently, short-term EMA lines crossed above long-term ones, forming a golden cross — a technical signal that often suggests the potential for a strong upward price movement.

Read more: Ethereum (ETH) Price Prediction 2024/2025/2030

If the uptrend continues to gain strength, ETH could rise to test resistance at $2,820. If that level is broken, it could push further toward the $3,400 resistance, indicating a potential 25% price increase.

However, if the uptrend falters and a downtrend forms, ETH might test support levels around $2,308 and $2,150, implying a possible 20% correction.

The post Ethereum (ETH) Price Climbs as 361,000 ETH Exits Exchanges appeared first on BeInCrypto.

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