In recent days, the Ethereum network has seen significant movements. Data shows that four new wallets withdrew a total of 78,229 ETH, equivalent to approximately $342 million, from the Kraken exchange within a short period of less than ten hours.
Such moves usually indicate that wallet owners intend to hold their Ethereum long-term, away from exchanges, which analysts interpret as a sign of growing confidence in the cryptocurrency’s future. Notably, the identities of these wallets remain unknown, and it is unclear whether they belong to institutional investors or prominent individual investors.
Timing and Economic Context
These transactions occurred just days before an upcoming U.S. Federal Reserve meeting, where interest rate cuts are expected to be announced. Decisions of this kind often impact high-risk assets like cryptocurrencies, including Ethereum.
Technical Price Overview
Charts indicate that Ethereum recently broke above a downward price channel that had persisted for several weeks.
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The $4,500 level emerged as a key resistance point, and surpassing it is seen as a positive signal for the continuation of the upward trend.
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Some technical indicators, such as the Relative Strength Index (RSI), are approaching high levels, suggesting the possibility of a short-term price correction.
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Meanwhile, the MACD indicator continues to reflect ongoing bullish momentum.
Potential Levels
According to technical analysis, maintaining the price above $4,500 could support the current trend, while $5,000 is a key level to watch if the uptrend continues.
Wider Market Context
At the same time, the “altcoin season” index indicates a period of heightened activity, with increased trading and liquidity in several other digital projects. Nevertheless, Ethereum remains one of the largest and most influential cryptocurrencies in the market.
📌 Important Note: This content is for informational and analytical purposes only and does not constitute investment advice or a recommendation to buy or sell. Trading in cryptocurrencies involves high risks due to sharp price fluctuations and the potential loss of capital. Exercise caution before making any financial decisions.
