Ethereum (ETH) is attracting renewed whale activity as large holders move millions of dollars worth of tokens from crypto platforms into private wallets. According to blockchain tracking platform Lookonchain, two wallets collectively received 13,002 ETH, worth approximately $29.09 million, from FalconX and OKX. The transfers stand out as attention returns to Ethereum's market structure and technical setup. Meanwhile, crypto analyst Alex Marzell believes the ETH price is entering a new growth phase, identifying the recent pullback as a potential retest before another upward move.

Ethereum Whales Withdraw 13,002 ETH From Exchanges

Ethereum has recorded significant whale transactions in recent days, drawing attention to large-holder activity. Blockchain tracking platform Lookonchain reported two notable transfers involving separate wallets. Whale flows are among the most closely watched data points in on-chain analytics because they show how the largest market participants are repositioning.

The first transaction involved the whale wallet 0x72e0, which received 9,625 ETH worth approximately $21.57 million from FalconX, a digital asset prime brokerage. A separate transaction involved the newly created wallet 0x2908, which withdrew 3,377 ETH valued at approximately $7.52 million from OKX, a major global cryptocurrency exchange.

Source: Lookonchain's X post

Together, the two transfers represent 13,002 ETH worth approximately $29.09 million. These movements have attracted attention because exchange withdrawals can indicate that investors intend to hold their assets rather than keep them available for immediate trading. However, wallet transfers alone do not confirm long-term accumulation or establish the holders' intentions.

Exchange Withdrawals Strengthen Ethereum's Supply Narrative

The whale transactions come as Ethereum's longer-term market structure attracts renewed interest. Large withdrawals from centralized exchanges can reduce the immediately available trading supply when tokens move into long-term storage. If these holders maintain their positions, the activity could contribute to lower selling pressure over time.

The staking process on the Ethereum network also has implications for supply. Under the network's proof-of-stake design, ETH locked in staking contracts is tied up in validating transactions on the network and is therefore unavailable for ordinary trading. Institutional participation is another important factor shaping Ethereum's demand outlook, although the recorded transactions cannot independently indicate a trend of institutional purchasing.

ETH Price Breaks Downtrend as $2,200 Draws Attention

Marzell laid out a constructive long-term forecast for the ETH price, pointing to a key development unfolding on its weekly chart. According to the analyst, ETH spent roughly one year trading below a descending trendline formed from the highs near $4,950. That trendline had previously rejected the price near $4,950, $3,400, and $2,450.

Ethereum ultimately broke above this downward resistance after consolidating for several months inside the $1,200–$1,600 support range, and Marzell sees the breakout as a possible sign that a trend reversal is taking place. In his assessment, the recent retreat to $2,200 is a retracement following the breakout rather than any form of further weakness. In technical analysis, such a pullback toward a recently broken level is known as a retest, and traders watch whether the reclaimed level then holds as support. A recovery formation of this kind can lead to another uptrend, although breaking key support areas would cause bullish sentiment to lose momentum.

Alex Marzell Identifies $7,000 as Long-Term Target

Marzell's roadmap highlights several stages: holding the latest retest, moving back into an accumulation zone, advancing toward $5,500–$6,000, and ultimately breaking out toward $7,000.

Source: Alex Marzell's X post

It is the analyst's view that accumulation usually happens during periods when the market is subdued and pessimistic rather than excited. However, these targets remain forecasts and are not guaranteed to be realized. Ethereum would require ongoing buying pressure and solid technical performance in order to reach those levels.

What Comes Next for ETH?

Whether Ethereum can hold its position in the $2,200 region and whether whale participation eventually translates into sustained accumulation are key indicators that market participants will be watching. Withdrawals from exchanges may lend credibility to the supply-side story, particularly if large holders continue transferring ETH into cold wallets. Institutional interest, staking, and the overall state of the crypto market will also influence any recovery.

The latest whale transactions and the improvements in Ethereum's technical framework have once again put the focus on the asset's future market performance. While Marzell sees $5,500–$7,000 as possible longer-term price targets for Ethereum, the $2,200 level remains crucial for ETH.

Disclaimer: This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always do your own research. This is not financial advice.

Source: Tron Weekly