- Three whale wallets withdrew $122.29 million worth of ETH.
- Ethereum bulls are defending the critical $1,610 support zone.
- Resistance levels remain at $1,680, $1,710 and $1,750.
Ethereum is attracting renewed attention after on-chain data revealed that three whale wallets withdrew more than $122 million worth of ETH from FalconX and Kraken. According to Arkham, two of the wallets were newly created, while another address involved in the purchases is reportedly sitting on an unrealized loss of about $9.1 million from a previous acquisition.
Ethereum Whales Accumulate Despite Recent Market Weakness
Arkham reported that three large wallets collectively acquired approximately $122.29 million in Ethereum through exchange withdrawals. Large withdrawals from trading platforms are often monitored closely because they can signal long-term holding intentions rather than immediate selling activity.
The timing is notable. ETH recently failed to maintain support above the $1,700 area and extended losses alongside Bitcoin. Market participants continue debating whether the latest whale activity represents strategic accumulation during weakness or simply a repositioning move.
One of the identified wallets previously accumulated ETH and is currently estimated to be down roughly $9.1 million on that position. Arkham questioned whether the activity could be linked to a well-known institutional investor, though no confirmation has been provided.
Ethereum Technical Structure Remains Focused on Key Levels
Ethereum remains in a fragile technical position. The asset broke below a bullish trendline near $1,700 and slipped beneath both the $1,680 and $1,665 support zones.
Despite the weakness, buyers defended the $1,610 area. That level has emerged as a crucial short-term support zone. If bulls continue holding this region, Ethereum could attempt another recovery phase.
The first resistance sits near $1,665, followed by a more important barrier around $1,680. A sustained move above that level could open the door for a retest of $1,710.
Should Ethereum successfully reclaim $1,710, analysts see room for an advance toward $1,750. Further upside momentum could then target the $1,840 to $1,850 range.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
