Ethereum Bulls Rattle as 62K ETH Moves to Exchanges – What’s Next?

$ETH, the native cryptocurrency of the Ethereum network, shows a slight downtick of 0.4% during Monday’s trading session. The slowdown in recovery momentum can be linked to Bitcoin witnessing overhead supply at $108,000 and whale investors liquidating their assets. Is the $ETH price poised for another correction, or could buyers maintain the recovery trend?

Ethereum Whales Unstaking and Depositing Millions to Exchanges

Over the past two weeks, the Ethereum price bounced from a low of $2,115 to its current trading price of $2,495, projecting an 18% surge. Despite the bullish surge, the on-chain data shows substantial selling pressure from large-net-worth investors.

According to Lookonchain, two wallets, 0x14e4 and 0x26Bb, likely controlled by the same entity, recently unstaked and withdrew 95,920 $ETH (worth approximately $237 million). Out of the total, the whale has deposited 62,289 $ETH (~154 million) to centralized exchanges, including HTX, Bybit, and OKX, over the past 20 days.

The whale still holds 33,631 $ETH, which is currently worth approximately $83 million, thereby increasing the risk of further sell-off. Historically, such a large-scale inflow to the exchange has led to bearish market signals and bolstered downward pressure on prices.

$ETH Price Eyes 15% Surge Before Major Supply Test

By press time, the Ethereum price trades at $2,482 with an intraday loss of 0.4%. Despite the downtick, the daily candle shows a notable price rejection, indicating that demand pressure remains intact.

This long-tail rejection candle accentuates the $ETH sustainability above the recent reclaimed 20-day exponential moving average. A suitable follow-up will likely trigger a 15% price surge and challenge the $2,865 resistance.

However, the overhead resistance has remained a high-supply region since February 2025 and could restrict buyers’ attempts before geopolitical tensions in the Middle East escalate or whale selling continues.

$ETH/USDT – 1d Chart

Furthermore, if the coin price reverts below the 20-day EMA at $2,500, sellers could strengthen their grip on the asset. The potential downswing will create a fresh lower high formation in the daily chart, signaling a sell-the-bounce sentiment intact among investors.

Also Read: Bitcoin Exchange & OTC Reserves Hit Lows: Is a Supply-Led Breakout Next?