TLDR
- Major Ethereum holders accumulated 25,000 ETH worth $82.3M amid market volatility
- ETH price currently holding at $3,292 after 16% weekly decline
- Exchange supplies dropped from 10.67M to 10.42M ETH in three days
- Large transaction volume spiked during Thursday’s market movement
- Technical patterns suggest potential upward movement to $5,825 target
Market data reveals a substantial shift in Ethereum ownership patterns as major holders, known as whales, moved to acquire approximately 25,000 ETH during recent market volatility. The movement, tracked through blockchain analytics, shows a clear trend of accumulation by large-scale investors.
On-chain metrics from January 7 to January 10, 2025, indicate a notable decrease in exchange-held ETH supplies, dropping from 10.67 million to 10.42 million. This reduction aligns with increased activity from whale addresses, suggesting a strategic repositioning by market heavyweights.
The accumulation phase coincides with Ethereum’s current trading price of $3,292.60, following a 16% decline over the past week. The price movement tracks alongside Bitcoin’s correction from $100,000 to $92,000 during the same period.
Transaction data highlights an interesting pattern in whale behavior, particularly during Thursday’s trading session. The number of high-value transfers, specifically those exceeding $100,000 and $1 million, showed a marked increase during this period.
Market analysts note that the movement of ETH from exchanges to private wallets often indicates a shift toward longer-term holding strategies. The current transfer pattern mirrors previous accumulation phases seen during market corrections.
Technical chart analysis reveals several key price levels that traders are monitoring. The immediate support zone sits at $3,278, with additional backing at $3,029 and the psychological $3,000 mark.
The price structure shows the formation of a technical pattern suggesting potential upward movement. Chart technicians identify resistance levels at $3,600, $3,843, and the crucial $4,000 threshold that could trigger further upside.
Trading volume metrics remain stable despite recent price volatility, indicating sustained market engagement. The consistency in trading activity suggests market participants maintain active interest in current price levels.
Blockchain data shows the transferred ETH, valued at approximately $82.3 million at current prices, moving to addresses associated with long-term holding patterns. This behavior typically suggests confidence in future price appreciation.
Market watchers note several profit-taking targets for January 2025, including $4,500, $5,000, and $5,500. The technical setup suggests a potential move toward $5,825, representing a 44% increase from current levels.
The whale transaction count, measuring transfers above $100,000, peaked during recent price declines. Historical data suggests such activity often precedes market reversals or marks potential bottom formations.
Exchange flow metrics indicate reduced immediate selling pressure due to the lower exchange-held supply. The removal of 25,000 ETH from exchange wallets represents a clear shift in available market supply.
Traders note that maintaining price levels above $3,029 remains crucial for bullish scenarios to play out. A breach below this threshold could trigger additional selling pressure, potentially testing the $2,800 area.
Recent blockchain data confirms ongoing accumulation trends, with top addresses increasing their holdings by approximately 25,000 ETH, matching the reduction in exchange-held supplies.
The movement pattern suggests strategic positioning by large holders, who historically leverage market corrections to build positions at favorable price points.
Stay Ahead of the Market with Benzinga Pro!
Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders:
- Breaking market-moving stories before they hit mainstream media
- Live audio squawk for hands-free market updates
- Advanced stock scanner to spot promising trades
- Expert trade ideas and on-demand support
