Lookonchain, a prominent on-chain analytics platform, has detected substantial crypto whales amassing and staking significant quantities of Ethereum (ETH).
Two significant withdrawals, totaling $7.2 million and $16 million in ETH, were executed from Binance, and the entire amount was subsequently transferred to staking accounts.
This whale activity coincides with a noticeable 4.7% surge in ETH’s price over the past day, breaching key resistance levels. Furthermore, Ethereum’s promising momentum is contributing to a broader cryptocurrency market resurgence, including Bitcoin.
According to recent data from Lookonchain, there has been notable activity among crypto whales, specifically in their accumulation and staking of Ethereum (ETH).
Notably, two substantial withdrawals from the Binance exchange have attracted attention. One whale withdrew ETH worth $7.2 million, while another made an even more impressive withdrawal of $16 million.
What’s intriguing is that both whales subsequently moved these substantial sums entirely into staking accounts.
That this isn’t an isolated case and that more investors are staking ETH is shown on the on-chain Total Value Staked chart from Cryptoquant.
Over the past 24 hours, the Total Value Staked (TVS) has increased from 29,527,744 to 29,551,488 ETH, equivalent to $40,839,680 at the current price of $1,720 per ETH. This upward movement is part of an ongoing and consistent uptrend that gained momentum starting in mid-April.
When we examine the staking rate, calculated by dividing the balance of the ETH 2.0 deposit contract by the total ETH supply, it becomes evident that mid-April marked the significant turning point when staking activity surged.
The ETH All Exchange Reserve chart further reinforces the notion of increased accumulation among investors. As ETH is withdrawn from exchanges and moved into private wallets, it indicates investors’ willingness to hold ETH for the long term.
In a manner similar to staking, we are witnessing a consistent downtrend in this metric. The most pronounced period of accumulation occurred between November 6 and December 20 of the previous year when the total ETH held on exchanges dropped from 23,340,585 to 18,448,188, indicating a withdrawal of 4,852,397 ETH.
Currently, this figure is even lower, standing at 14,538,278 ETH.
On September 11, ETH experienced a notable drop to $1,540. This marked a nearly 25% decline from its high on July 14, when it was trading at $2,030. During this period, the price chart exhibited the formation of a descending trendline that acted as resistance. Additionally, when combined with the lower descending trendline dating back to April 26, it created a descending triangle pattern.
As the price began its upward movement, it initially breached the resistance of the descending triangle, progressing to the next horizontal resistance level at $1,760, where it encountered a temporary halt.
This ascent, measured from its low on September 11, marked a 15% increase, suggesting the potential for further upward movement. However, a minor pullback might precede this, aiming to test the broken triangle’s resistance as a newfound support. Consequently, we may expect a slight descent to around $1,650.
If this support level holds, it could pave the way for a continuation of the upward trend, possibly surpassing $1,800. It’s worth noting that the descending triangle may have served as a corrective structure, potentially leading to ETH achieving a new yearly high, especially since it didn’t achieve one on July 14, unlike Bitcoin.
Conversely, a robust rejection at the current levels, roughly around $1,760, could trigger another downward move, taking the price below its September 11 low of $1,540. In such a scenario, the next potential support zone lies at $1,360.
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.