After nine months of inactivity, an Ethereum whale has resumed activity, withdrawing 10,000 ETH valued at $20.89 million from Binance. This transaction occurs as Ethereum confronts fresh selling pressure, prompting questions about the actions of large holders and how they might shape market sentiment.

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As of press time, Ethereum (ETH) is changing hands at $2,082.71, reflecting a 2.46% decline over the last 24 hours. The withdrawal has drawn scrutiny as ETH fights to bounce back from its recent drop and trades beneath its lower Bollinger Band.

Also Read: Ethereum Whales Target Dip as ETH Drops Below $2,200 in Selloff 

Why Did the Ethereum Whale Withdraw $20.89 Million?

As reported by blockchain analytics platform Lookonchain, wallet 0x5479 withdrew 10,000 ETH—worth roughly $20.89 million—from Binance following nine months without activity. Lookonchain reported that the whale had been inactive for nine months before making the withdrawal.

The post stated, “After 9 months of inactivity, whale 0x5479 withdrew 10,000 $ETH ($20.89M) from #Binance.” The transaction renewed attention to the wallet’s movements and raised questions about the intentions of the large holder.

Substantial withdrawals from centralized exchanges may signal that investors plan to shift their holdings into wallets outside the exchange, instead of leaving them readily available for trading.

Moves like these can occasionally point to longer-term holding plans and may reduce the immediate supply of tokens available on exchanges.

The transaction does not establish that the whale intends to accumulate additional ETH or that a significant price move is imminent. Traders will probably keep an eye on the wallet’s future transactions to see whether the withdrawn tokens remain at the destination address or are transferred elsewhere.

Also Read: Ethereum Whales Buy 4,312 ETH as ETH Price Outlook Draws Attention

What Does the Ethereum Price Chart Show?

The daily TradingView chart indicates Ethereum is trading at $2,082.71, beneath its lower Bollinger Band of $2,099.64. The indicator’s middle line sits at $2,277.23, with its upper band at $2,454.83.

Trading below the lower band underscores strong downside pressure and weakening price momentum. For an initial recovery to emerge, ETH must first reclaim $2,099.64, while a sustained climb above the middle band would point to strengthening momentum.

The chart further marks $2,388.64 as a key resistance level. Should the recovery gain more strength, attention could shift to the $2,620.64 area, though buyers would have to clear the closer barriers first.

Also Read: Ethereum Whales Buy $29M in ETH as ETH Price Eyes Potential Recovery

How Do Ethereum Liquidations Influence Market Sentiment?

CoinGlass‘ 90-day ETH liquidation chart reveals recurring spikes in both long and short liquidations. Multiple notable surges occurred between August and October, pointing to stretches of heavy unwinding of leveraged positions.

The chart also shows renewed liquidation spikes in early November, alongside Ethereum’s latest price decline. This implies that leveraged traders remain vulnerable to abrupt price swings, which could amplify volatility should ETH keep declining.

Also Read: Ethereum Whales Accumulate $152M in ETH as Network Hits All-Time High

Is a Recovery Possible for Ethereum After the Whale Withdrawal?

The $20.89 million withdrawal marks an intriguing shift in Ethereum’s on-chain activity, yet the price chart has not shown a bullish reversal so far.

If buyers defend the $2,028.32 low recorded on the daily candle and push back above $2,099.64, ETH may try to recover toward $2,277.23. A drop below the recent low, in contrast, could leave the psychological $2,000 support level exposed.

Traders will keep watching the whale’s upcoming transactions and whether Ethereum can climb back above nearby resistance as key signals.

Crypto markets are still highly volatile, so traders should track price action, market sentiment, and upcoming catalysts before committing to investment decisions.

Also Read: Ethereum Whales Show Strong Activity as ETH Price Eyes Further Upside

This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.

Athulyamol VS

Athulyamol V S is a Market News Reporter at Tronweekly’s editorial team, covering cryptocurrency markets and digital asset price movements for an international cryptocurrency news platform. She focuses on Bitcoin, altcoins, and DeFi markets shaping the broader crypto ecosystem.

Her reporting is based on real-time market activity, price analysis, and major industry developments, and follows established editorial guidelines and fact-checking processes. Athulyamol holds a postgraduate degree in Communication.