Ethereum (ETH) has experienced notable transfers between wallets and exchanges, reflecting dynamic market activity.

According to blockchain tracker Whale Alert, approximately 11,999 ETH, valued at $40,178,586, was transferred from an unknown wallet to Kraken.

Concurrently, 9,438 ETH worth $31,571,639 moved from another undisclosed wallet to Binance. Additionally, 11,913 ETH amounting to $39,880,410 was transferred from Gemini to Coinbase, underscoring substantial transactions within the ETH ecosystem.

ETH has exhibited a robust trading session with distinct support and resistance levels shaping its price dynamics. $3,200 emerged as a resilient support level, with buying interest keeping the price above this threshold. Further, $3,250 served as a consolidation point following an initial upward surge, suggesting a stabilizing phase before potential further gains.

On the resistance side, the current price around $3,336.34 poses an immediate hurdle, with minor sell-offs observed, reflecting initial resistance levels. A breakthrough above $3,350 could signal a continuation of the upward trend, highlighting key resistance points to monitor in upcoming trading sessions.

The price action depicted a bullish trend, starting from around $3,200 and steadily climbing to the current levels near $3,336. This upward trajectory was accompanied by a notable 34.06% increase in trading volume over the last 24 hours, indicating heightened market activity and investor interest in ETH.

In broader market indicators, Ethereum’s market cap rose 4.22%, reaching $401,088,479,399, underscoring positive sentiment among investors. The substantial trading volume of $13,154,601,411 further emphasized strong market participation and liquidity, supporting the bullish price trend observed throughout the day.

Ethereum/USD 1-week price chart, Source: Trading view

Analyzing technical indicators, Ethereum’s 1-week RSI stood at 54.02, indicating a neutral market sentiment. Meanwhile, the 1-week MACD trading below the signal line suggests potential short-term downward pressure on prices.