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Following
ETH Ethereum (ETH) giant whale transferred 10,300 tokens (worth approximately US$19.5 million) from the Kraken exchange and pledged some of the funds within 24 hours.
Key points:
A tracked address withdrew 10,300 ETH from Kraken through two transfers, and 2,020 of them were subsequently pledged through a beacon chain deposit contract. On Tuesday, Ethereum traded close to $1,899, but remained under pressure below the $1,960.50 resistance level. Analysts have mixed views on the market outlook. Some predict a target price of US$2,030 after the breakthrough, while others predict a correction to US$1,715 first.
Ethereum whale empties Kraken positions
According to monitoring by blockchain intelligence firm Arkham Intelligence, 5,300 tokens, worth approximately $9.98 million, were withdrawn from the exchange on Monday. A further 5,000 tokens worth approximately US$9.53 million were subsequently transferred on the next trading day, continuing the withdrawal pattern of the address that had been taking place for weeks. These two operations together withdrew approximately $19.5 million in Ethereum from Kraken's order book.
The same address subsequently pledged 2,020 tokens (worth approximately US$3.84 million) through the Ethereum Beacon Chain Deposit Contract, which will not be accessible to spot sellers as long as the verification node remains active. Ethereum browser records show that the address had withdrawn approximately 357 tokens from the exchange last month and locked an additional 224, which were gradually accumulated before the transfer this week.
Ted Pillows is optimistic about a $1,960 breakthrough
Ethereum rose nearly 2% on August 17 and traded close to $1,899 on Tuesday, still failing to break through the $1,960.50 resistance level that has suppressed gains since late July. Analyst Ted Pillows believes the uptrend is still intact and puts a breakout range between $1,945 and $1,960. He said that if the closing price confirms that range, it will open the channel for a rise to $2,030, a target slightly above the 200-day moving average near $2,009.
Analyst Merlijn The Trader took the opposite view, telling followers he expected prices to pull back to $1,715 before entering any expansion phase, citing a sharp rebound in June as a reference.
Confidence among derivatives traders fails to keep pace with spot buyers. Ethereum's funding rate remained positive at 0.003827%, but fell 53.53% in one day, indicating that leveraged long positions are decreasing even as prices remain stable. The 90-day cumulative trading volume difference is still biased towards active buyers.
Ethereum Supply and Price Volatility
Corporate coffers are also absorbing supply along the same trend. BitMine Immersion Technologies increased its holdings of 9,926 tokens last week, bringing its position to more than 5.8 million ETH, accounting for approximately 4.8% of the circulating supply, of which nearly 87% has been pledged.
Since the end of July, Ethereum's trading range has been roughly between $1,850 and $1,960, with its daily RSI reading of 53.96, far from reaching overbought territory. The token hit a low near $1,530 in June, followed by a series of higher lows that buyers continued to hold on. Prices are still about 45% below their 2026 highs, which explains why traders see each approach to $1,960 as a key test of whether the June rally still has momentum.
