Following a robust rally, Ethereum (ETH) gains have stalled as investors begin to take profits, with the price retreating from a significant milestone of $2,445 back to $2,350. On-chain data suggests this pause in the rally may be due to large whale transactions converting unrealized gains into realized ones, with over $136 million worth of ETH moved to various crypto exchanges within the last 24 hours.
Whale Alert, a service that tracks large on-chain movements and shares them publicly, detected three major Ethereum whale transactions post the recent price surge. These whales moved a total of $136.18 million worth of ETH to crypto exchanges.
One of the recent significant whale transactions involved an anonymous wallet transferring 10,000 ETH to Gate.io, valued at $23.26 million. Another notable transaction saw 14,612 ETH worth $34.11 million moved from an anonymous wallet to Coinbase. The largest whale transaction to exchanges, involving 33,400 ETH valued at $78.81 million, was recorded approximately 15 hours earlier, moving from an anonymous wallet to Binance, the world’s largest crypto exchange.
ETH’s price is currently trading at $2,350, down by 1.07% in the last 24 hours, following a peak of $2,445 on December 28, which was the highest level in the last 30 days. Despite the recent dip, data shows ETH’s price has increased by 2.95% over the last week and by 14.17% over the last 30 days.
According to TradingView analysis, ETH’s price is well above the 50-day EMA of $2,156, suggesting the uptrend could continue despite the recent pullback. The daily Relative Strength Index (RSI) is at a neutral level of 59.5.