Ethereum (ETH) is showing signs of a potential long-term rally, with its two-week chart highlighting rising support and sustained accumulation. Meanwhile, a dormant whale wallet has withdrawn a large amount of ETH from Binance, fueling speculation about possible accumulation during the market downturn.
As of now, according to CoinMarketCap data, ETH is trading at $2,019.83, down 5.72% over the past 24 hours and 11.96% over the past week.
ETH Chart Points to $15,000 Long-Term Target
Crypto analyst Crypto Patel suggests that Ethereum could be approaching a major long-term rally, with its two-week chart showing a potentially bullish structure. The analysis highlights rising support, an established accumulation zone, and three key resistance levels that could influence the cryptocurrency’s next market cycle.
The rising support structure indicates that buyers are defending progressively higher price levels, while the accumulation zone suggests sustained interest in Ethereum. Together, these factors could support further gains if the broader bullish structure remains intact.
According to the analysis, Ethereum must overcome three major resistance levels to confirm a larger breakout. A sustained move above these barriers could open the way for successive upside targets, starting at $3,500 and extending toward $5,000.
The longer-term projections also include $10,000 and an ambitious $15,000 target during the next bull run. However, these levels remain potential price objectives rather than guaranteed outcomes. Ethereum’s ability to hold its rising support structure and break through the identified resistance levels will play a key role in determining its next major move.
Dormant Ethereum Whale Withdraws $73.75M From Binance
According to blockchain analytics platform Lookonchain, a dormant wallet identified as 0xC356 withdrew 34,601 ETH, worth approximately $73.75 million, from Binance within three hours. The sudden activity has attracted attention after the wallet remained inactive for more than two years.
The large withdrawal comes amid increased market uncertainty, prompting speculation that a major investor could be accumulating Ethereum during the downturn. Substantial exchange outflows can indicate that investors are moving assets into private wallets rather than keeping them available for immediate trading.
On-chain records shared by Lookonchain show multiple transfers of ETH from Binance to the receiving wallet. The transactions highlight the scale of the withdrawal and have drawn attention from traders monitoring whale activity for possible indications of large investors’ market positioning.
The withdrawal alone, however, does not confirm an accumulation strategy or establish the investor’s intentions. The ETH could also have been transferred for custody or portfolio management purposes. Traders will be monitoring the wallet’s future transactions for further clues about the whale’s activity.
