Mike Smith
Feb 11
.png)
Ethereum continues to move up, exceeding the $2,700 mark in the last 24 hours. This 2% increase is accompanied by the activity of large holders, who have significantly increased their positions in recent days.
Renowned crypto analyst Ali Martinez reported that the number of addresses holding more than 10,000 ETH increased by 2.3% from February 1 to 9. This phenomenon is traditionally perceived as an indicator of a possible change in trend, since such investors rarely make large purchases without confidence in further growth.
Additionally, blockchain analysts Lookonchain recorded the withdrawal of 121,512 ETH from the Binance and Bitfinex cryptocurrency exchanges. Such movements usually indicate an intention to hold assets on a long-term basis, which reduces selling pressure and supports the price.
Notably, two large wallets became the main recipients of these funds. One of them, "0xb99a...BcF5", withdrew 56,909 ETH worth $151.6 million, while the other, "0xEd0C...4312", moved 64,603 ETH worth $171.8 million.
Amid these events, the daily chart of Ethereum shows interesting dynamics. The relative strength index (RSI) is at 35.82, indicating that sellers continue to dominate. However, the current RSI values are approaching the oversold zone, which historically precedes market rebounds.
