Whales Accumulate Aggressively as ETH Eyes $3,250 Amid Record Exchange Supply Drop

Ethereum (ETH) rose 2% during the early Asian session on Thursday, reclaiming the key $2,500 level driven by strong whale buying.

According to CryptoQuant, ETH exchange balances fell to 18.73 million ETH on Wednesday — the lowest since August 2024. Over 1 million ETH has moved off exchanges since April 24, suggesting growing long-term accumulation.

Wallets holding 10,000–100,000 ETH added 670,000 ETH in the past nine days, while smaller wallets shed 110,000 ETH. Despite the demand, ETH remains range-bound near $2,500, a level that continues to attract heavy volume on each breakout attempt.

In the last 24 hours, ETH futures liquidations reached $106.52 million, reflecting heightened volatility without clear direction. RSI hovers near the overbought zone, and MACD is showing signs of weakness if it crosses below the average line.

To establish a clear trend, ETH needs to break above $2,850 for a push toward $3,250 or fall below $2,100 to confirm downside momentum.