ETH Whale Dives Back into Action with $6.5M Withdrawal from Binance

A large ETH whale has made its first trade in two years by withdrawing $6.495 million worth of Ethereum from Binance. The wallet, identified as address 0x7512e0E8B5127868C84917E070c3Cb6d16C8a90A, withdrew 3500 ETH at a price of $1856.

This is the same wallet that bought ETH in 2024 for $2459 and exited with a gain of over $700,000 due to swings in Ethereum's price.

Currently, ETH's price action on the four-hour chart shows it testing near the EMA200 support at $1829.07, while the EMA50 at $1885.91 is capping upside. The MACD indicator has formed a death cross and the RSI is at 42.64, indicating that any bounce into upper-band resistance may stall before a retest of the 200-EMA floor.

ETH's price is bounded by Bollinger Bands between $1825.78 and $1932.59, suggesting that if it reaches the upper bound, it will likely face resistance before potentially retesting the support level.