Ethereum price rose above $3,000 as bulls reclaimed the psychological level amid a broader crypto bounce on Wednesday.

However, while ETH price reached highs above $3,126, on-chain data shows the cryptocurrency faces a significant hurdle at around the $3,200 level.

2 million addresses traded ETH at $3,200

According to data IntoTheBlock shared on Wednesday via X, the $3.2k level could be a key level to watch short term as roughly 2 million addresses traded ETH at that price. These addresses are currently in loss and may be looking to sell.

In May, the Ethereum price struggled between the $2.8k and $3.35k range before positive news helped buyers to break higher. IntoTheBlock analysts see a similar scenario unfolding, noting that bullish news could prevent a downward flip for ETH. It’s a project that other analysts have pointed to, with the Ethereum ETF expected to catalyze further gains.

The imminent approval for Ethereum ETFs to start trading is set to boost institutional interest, while exchange supply for ETH keeps shrinking.

Whale withdraws $50 million in ETH from exchange

On Monday, Spot On Chain shared that a whale or institution had withdrawn 16,449 ETH worth over $50.3 million from the Binance exchange.

The whale withdrew their Ether from the exchange as the price of Ethereum recovered above $3,000. This happens to be a trend seen with ETH whales in recent weeks.

Notably, this appeared to be the whale’s first large accumulation of Ether. The entity or individual has moved all their ETH tokens to a new wallet to hodl.

While there have been major moves by whales offloading from exchanges, there have also been notable deposits. According to Whale Alert, an unknown wallet just transferred 8,909 ETH worth over $27 million to Binance.

Another address also moved 11,069 ETH worth over $34 million from an unknown wallet to Coinbase earlier in the day.

Despite this, Crypto Tony says the move above $3k is crucial for bulls. Ethereum price currently hovers around $3,117.