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Ethereum (ETH) has experienced price stagnation over the last seven days as the asset struggles to break the $4,500 resistance level. Movements on the Binance exchange suggest that the coin’s value may experience a significant increase soon.
Bullish transfer of 60,000 ETH to staking address
As per a Whale Alert update, 60,000 ETH valued at $261,552,146 have been transferred from Binance Spot within the last two hours. This on-chain move is significant as Ethereum was shifted to the Binance Beacon Chain deposit, which is a staking address.
Notably, this is a bullish move as the whale has likely decided to lock 60,000 ETH to earn yield from it. It signals confidence from the whale as they expect the price to increase even while the asset is locked away.
Although the past seven days have not shown substantial upward price movement, Ethereum bulls are anticipating a natural increase in the coming days. The market conditions are aligning for a price uptick as supply tightens and staking increases.
There has been growing adoption in institutional accumulation of Ethereum, with some expanding their treasuries. Jack Ma, Alibaba’s founder, recently placed a bet on Ethereum by acquiring a massive 10,000 ETH at about $44 million.
The development suggests that Ma is looking to set up a strategic Ethereum reserve through one of his holding companies.
Ethereum's price eyes breakout above $4,500
The bullish movements in the Ethereum space have started reflecting in the asset’s price outlook.
In the last 24 hours, Ethereum has increased by 1.57% and changed hands at $4,387.95. It earlier hit a peak of $4,489.20 before facing rejection as it approached the $4,500 resistance level.
Meanwhile, retail traders appear to have joined the accumulation frenzy as trading volume has picked up by 3.67% at $38.77 billion. With Ethereum’s Relative Strength Index (RSI) at 54.47, the asset still has room for upside before buying pressure resumes.
Market participants are anticipating the coin will have enough momentum to break out above the $4,500 resistance and find stability above $5,000.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team