Ethereum (ETH) has drawn the spotlight recently after a dormant wallet sent 34,601 ETH, estimated to be worth around $73.75 million, out of Binance after remaining idle for more than two years. This comes at a time when there is a drop in the ETH price as questions arise over whale accumulation. Cryptocurrency expert Crypto Patel has found a bullish formation on the Ethereum two-week chart at $3,500, $5,000, $10,000, and $15,000.
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Dormant Wallet Withdraws $73.75M in ETH
According to data by Lookonchain, a blockchain analysis platform, the wallet 0xC356 has withdrawn 34,601 ETH worth $73.75 million from Binance within about three hours. Notably, this wallet had been dormant for more than two years prior to this sizable withdrawal.
The transaction is interesting, as it has happened at a time when the market is in a downtrend. However, just because an exchange withdrawal has taken place doesn’t mean that the person has made a new acquisition. This could mean that the person is moving existing ETH to a cold wallet.
Source: Lookonchain’s X Post
Large wallets are also observed to be involved in buy actions amid the fall. According to Lookonchain, wallet 0xFD10 borrowed $22 million USDT via Aave and used about $21.55 million to purchase 10,000 ETH. This kind of transaction has attracted much focus on whale accumulation.
Also Read: Ethereum Tokenized Stocks Reach $827M as ETH Price Eyes $5,000 Rally
Ethereum Whale Activity Rises Amid Market Decline
Ethereum whale movements follow a period when the market experiences sell-offs. The price of Ethereum on November 9 was $2,119 and experienced about a 5% decline in a day. Ethereum’s market cap was at $259.94 billion, and the 24-hour volume was at approximately $15.92 billion.
Ethereum had open interest at $8.26 billion, showing that there is still activity in the derivatives market. However, open interest cannot determine if traders are bearish or bullish. It is necessary to look at other parameters such as funding rate, liquidations, and leverages.
Considering the fact that there have been significant withdrawals of funds from exchanges, along with weak market performance, whales’ actions have to be watched. Any further withdrawal from exchanges might imply accumulation, but one has to understand that the transactions themselves do not indicate accumulation yet.
ETH Price Tests Key Support Levels
The current short-term technical outlook for the ETH price looks under pressure. The daily analysis shows $2,103 as the immediate support level and $2,160 as the first resistance level. A break below the support may put pressure on the ETH price towards $2,043 and $1,982.
Reversal above $2,160 will improve the outlook in the short-term, with $2,209 as another resistance level. The current RSI is at 32.5, indicating that the ETH price is close to becoming oversold. This doesn’t mean that ETH can bounce back immediately.
Crypto Patel Sets Long-Term $15,000 ETH Target
Although short-term technicals are still bearish, crypto analyst Crypto Patel has noted a bullish setup on the two-week chart of Ethereum. The factors that the crypto analyst has cited include three main resistance retests, increasing support, and solid accumulation zones.
Source: Crypto Patel’s X Post
Four possible target prices are provided by Crypto Patel, and those are $3,500, $5,000, $10,000, and $15,000. The highest target price reflects an upside of 608% from the current reported price at $2,119 for ETH. However, the above prices are targets only and not necessarily outcomes.
For the above scenario to materialize, Ethereum needs to breach various resistance points and keep its ascending support line intact. Failure to do so could undermine the positive expectations and affect the expected rally.
What Comes Next for ETH?
The future action for Etherium will be dependent upon whether or not buyers can hold above $2,103 to generate fresh momentum. An upside breakout above $2,160 and $2,209 would improve sentiment, while a break down below the support could open the door to the levels highlighted in the technicals.
Additional large wallet movements, exchange flows, and derivative movements will also shed some light on market sentiment. As it stands right now, the $73.75 million movement from the large wallets and $15,000 forecast by Crypto Patel provide an additional bullish outlook.
Also Read: Ethereum Whale Buys $19.7M in ETH as ETH Price Eyes Potential Recovery
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Mishal Ali is a Policy and Regulations Reporter at Tron Weekly with over four years of experience covering the global crypto and blockchain space. Her reporting focuses on crypto regulations and policy, alongside Bitcoin, Ethereum, altcoins, DeFi, NFTs, Web3, Layer 2 solutions, and AI-driven crypto use cases. She also tracks Ripple-related developments, enforcement actions, licensing updates, and crypto scams and fraud trends, helping readers understand regulatory and compliance risks.
