A report recently shared by X’s Intotheblock account reveals that an astonishing amount of Ethereum was transferred last week. All of them were withdrawal from crypto exchanges to cold wallets.
IntotheBlock believes this indicates that whales continue to accumulate a large number of second-largest cryptocurrencies and are investing in the long term.
Over $500 million ETH was withdrawn from the exchange this week, indicating strong accumulation among $ETH traders. pic.twitter.com/0glihhu1dw
– Intotheblock (@intotheblock) March 7, 2025
In particular, whales have accumulated 10 million ETH over the past three days, according to the Santimento Chart shared by Crypto Trader Ali Martinez. “Do they know that we don’t?” he wondered.
Ethereum faces a huge selling barrier
The aforementioned Crypto Trader and Analyst published a tweet saying that Ethereum faces a major hurdle upward. This resistance level is at the $2,460 level, with 6,452 million ETH purchased at this price by around 11 million investors.
If ETH exceeds this level, many are likely to start selling, which has formed a major level of resistance. So, breaking through this resistance will accelerate Ethereum’s bullish momentum, analysts say.
#Ethereum’s biggest hurdle was $2,460, with 10.95 million investors earning an ETH of $64.52 million. Break through this level will rekindle #eth’s bullish momentum! pic.twitter.com/tzlguopzrh
– Ali (@Ali_Charts) March 7, 2025
This week, Ethereum lost 8.71% between Thursday and Friday after a surge of almost 13% from Monday. Today, Ethereum rose 4%, reaching a price level of $2,200.
