In the latest crypto update, large Ethereum investors are still accumulating ETH despite ongoing market uncertainty, with on-chain data showing a steady movement of coins away from centralized exchanges.
According to blockchain analytics platform Lookonchain, two newly created wallets withdrew 20,000 ETH worth $37.72 million from Coinbase Prime within the past 24 hours.
Notably, when investors move ETH from exchanges into newly created wallets, it indicates an intention to hold the assets rather than sell them immediately. As a result, these withdrawals often signal increased confidence among large holders and a potential reduction in short-term selling pressure.
Seven New Wallets Collect Over $164 Million in Ethereum
The latest withdrawals form part of a broader accumulation trend that has developed over the past three days. Lookonchain revealed that seven newly created wallets collectively withdrew 89,396 ETH, valued at $164.88 million, from Coinbase Prime during this period.
This consistent movement of Ethereum away from exchanges suggests that large investors are positioning themselves for potential long-term gains. Historically, sustained exchange outflows have often coincided with lower selling pressure because fewer coins remain immediately available for trading.
Furthermore, the growing activity from newly created wallets indicates that institutional-sized investors may be increasing their exposure to Ethereum while the market remains uncertain.
Ethereum MVRV Pattern Signals Potential Upside
Meanwhile, technical analyst Ali Martinez has identified an on-chain indicator that has previously marked major turning points for Ethereum.
According to Martinez, Ethereum has followed a similar pattern over the last six years. Whenever ETH falls below the 0.8 MVRV Pricing Band and later reclaims the level as support, the asset has historically moved toward its Realized Price.
The MVRV (Market Value to Realized Value) Pricing Bands compare Ethereum’s current market value with its realized capitalization. This metric helps investors determine whether ETH is trading below or above the average cost basis of holders.
Historically, reclaiming the 0.8 MVRV band has represented a shift from weakness toward renewed accumulation and potential price recovery.
Ethereum Reclaims Critical Support Level
Martinez noted that Ethereum recently dropped below the 0.8 MVRV Pricing Band before recovering and turning the level into support. Based on the analyst’s chart, Ethereum’s 0.8 MVRV Pricing Band currently sits around $1,796, while the asset’s immediate support zone is near $1,883. At the moment, Ethereum is trading slightly below the support, with each coin priced at $1,840.
Notably, Ethereum’s Realized Price stands at $2,245. If ETH continues following its historical pattern, this level could become the next major target for the cryptocurrency. Beyond the Realized Price, higher MVRV bands indicate potential resistance zones around $5,389 and $7,186. These levels could become important milestones if Ethereum enters a broader bullish cycle.
Evans Kelvin
Temitope Olajide
