Crypto whales pull $1 billion ETH from CEXs amid price surge

Crypto whales pull $1 billion ETH from CEXs amid price surge

The current situation in the cryptocurrency industry appears bullish, with major top cryptocurrencies such as Bitcoin, Ethereum, Solana, BNB, and others experiencing significant price movements since January 23, 2024. However, during this ongoing price movement, the world’s second-largest cryptocurrency, Ethereum, has gained over 15% in upside momentum.

Whales pull $1 billion ETH from CEXs

According to data from the on-chain analytics firm IntoTheBlock, it has been observed that over $1 billion worth of Ethereum (ETH) moved away from centralized exchanges (CEXs) this week during the bullish move. A significant portion of these funds has been transferred to EigenLayer, a platform that experienced a surge with $3 billion in deposits. EigenLayer temporarily removed its deposit limits during this period.

Following the deposit of $3 billion worth of ETH on EigenLayer in the last 7 days, it appears accurate, as during this period, the Total Locked Value (TVL) of EigenLayer has surged by over 171%. With this significant deposit, the current TVL of EigenLayer is estimated to be around $5.66 billion. In addition to these TVL surges, EigenLayer has surpassed Uniswap and become the fifth-largest TVL protocol.

Data also indicates that to deposit this significant amount of ETH, investors, and crypto giants have paid over $52 million in total fees. Examining these data points of outflows and massive price surges, it is evident that crypto whales or investors might be aware of these bullish moves. However, this substantial deposit in the last 7 days occurred just after a breakout of the inclined trendline and horizontal line. Following the breakout, ETH experienced over a 7% upside momentum.

Ethereum technical analysis and upcoming price

Despite all this, Ethereum (ETH) is currently trading near $2,500, and in the last 24 hours, it surged by over 2.3%. If we look at ETH over a longer period, in the last 7 days, it experienced over 7.5% upside momentum, while in the last 30 days, it gained over 5%.

According to expert technical analysis, Ethereum is looking bullish. Currently, on a weekly time frame, ETH is forming a bullish morning star candlestick pattern on the support level, which is a positive sign. If ETH, on a weekly time frame, closes above $2,600, then in the coming days, we may see ETH reaching its next resistance level at $3,500. However, this journey comes with major ups and downs, following the potential approval of a spot Ethereum ETF.