Ethereum holds near $1,600 as whales accumulate

• Ethereum (CRYPTO:ETH) traded near US$1,600, around 21% below its 30-day high, as on-chain indicators showed signs of stabilisation.
• Two whale wallets withdrew US$58.83 million worth of Ethereum from Kraken and Bitgo, raising speculation about institutional accumulation.
• Neutral stablecoin flows on Binance and improving momentum indicators have increased the probability of a bullish market regime shift.

Ethereum (CRYPTO:ETH) traded near US$1,600, about 21% below its 30-day peak, as whale accumulation and stabilising exchange liquidity data suggested conditions may be improving after a prolonged market decline.

A quantitative market regime model remains defensive with only 15% exposure to risk assets, although the probability of a bullish regime transition has increased to 45% as several on-chain indicators begin to strengthen.

“Confirmation signals are still needed before acting,” according to the market analysis.

The model continues to show a negative moving average spread of 18.8%, but contracting MACD histograms suggest selling pressure may be easing, while Binance stablecoin reserves and netflows have both returned to neutral territory.

On-chain data provider Arkham identified two newly created wallets that withdrew a combined US$58.83 million of Ethereum from Kraken and Bitgo, and following the activity Ethereum was trading near US$1,600 after declining 2.94% over 24 hours and 7.43% over the previous week.

Ethereum is the second-largest blockchain network by market value and supports decentralised finance, tokenisation and smart contract applications across the digital asset ecosystem.

Analysts said a sustained move to positive Binance stablecoin netflows could indicate renewed risk appetite, while continued whale accumulation may provide additional support for a broader market recovery.

At the time of reporting, Ethereum price was $1,619.93.