Ethereum price rose above $3,000 as bulls reclaimed the psychological level amid a broader crypto bounce on Wednesday. However, the cryptocurrency faces significant resistance at $3,200.
The Ethereum (ETH) price climbed to highs above $3,126, but on-chain data suggests a key hurdle persists around the $3,200 level. Approximately 2 million addresses traded ETH at this price, and are currently in loss, likely ready to sell.
2 million addresses traded ETH at $3,200
Data shared by IntoTheBlock on Wednesday via X indicates that the $3,200 level is critical. The price barrier could trigger selling pressure from addresses that are currently holding losses.
In May, Ethereum’s price fluctuated between $2.8k and $3.35k before positive news drove prices higher. Analysts from IntoTheBlock foresee a similar situation if bullish news surfaces again, such as the anticipated Ethereum ETF.
Upcoming Ethereum ETFs are set to boost institutional interest amid a decreasing exchange supply for ETH.
Whale withdraws $50 million in ETH from exchange
On Monday, Spot On Chain reported that a whale withdrew 16,449 ETH, worth over $50.3 million, from Binance. This action coincided with ETH’s rise above $3,000, aligning with a recent trend of ETH whales withdrawing funds.
This appeared to be the whale’s first large Ether accumulation, with all tokens moved to a new wallet for holding.
Conversely, Whale Alert noted significant ETH deposits. One unidentified wallet transferred 8,909 ETH, over $27 million, to Binance, and another moved 11,069 ETH, over $34 million, to Coinbase.
Crypto analyst Crypto Tony emphasized the importance of maintaining prices above $3,000 for ETH bulls. Ethereum is currently trading around $3,117.
