Whales stack ETH as sellers vanish: Ethereum to $4K, closer than ever?

Key Points

1. Whales are opening large long positions in ETH, including one worth over $128 million, contributing to upward price pressure.

2. ETH deposits into exchanges are at a low (19.7 million), reducing near-term sell-off risks and indicating decreased selling activity.

3. Spot and on-chain data show significant ETH accumulation in private wallets, with over $70 million moved, reflecting long-term bullish sentiment.

4. A supply squeeze may occur if demand continues to outpace the limited ETH available on exchanges, potentially pushing prices higher.

5. Whale activity, including withdrawals of large ETH amounts (e.g., 13,244 ETH from OKX), supports the bullish outlook for Ethereum.