Abraxas Capital Withdraws 185,309 ETH from Exchanges as Ethereum Skyrockets by 44%

Ethereum (ETH) has experienced a significant surge of over 44% in three days, climbing from $1,800 to more than $2,600. This is the strongest performance by the asset since January 2021. The price jump coincided with Abraxas Capital's massive withdrawal of 185,309 ETH (equivalent to nearly $400 million) from exchanges.

This move is seen as a sign of increasing institutional confidence in Ethereum's long-term prospects. The price increase has also led to a rise in profitability, with over 60% of ETH addresses now in profit, a significant increase from 32% just a month ago.

Analysts have identified Ethereum's key support zone between $2,060 and $2,420, and foresee potential resistance levels up to $4,013, with a long-term target of $12,000 by year's end.