This week Ethereum has been the market's focus due to its dramatic price movement as well as significant whale activity that is having an impact on the ecosystem. In just the last three days, Abraxas Capital, one of the most active participants at the moment, has taken an incredible 185,309 ETH worth about $399 million out of centralized exchanges. ETH's dramatic price increase from about $1,800 to a peak of $2,600, representing a nearly 44% rally in less than a week, is occurring at the same time as this activity.

Given the size and timing of this withdrawal, it appears that institutional accumulation is a major factor in the current price momentum. Furthermore, this is not an isolated action. Abraxas had taken 138,511 ETH, which was then valued at $297 million, out of exchanges just a few days earlier. That is more than $695 million in Ethereum that was amassed in less than a week.

ETH/USDT Chart by TradingView

This behavior strongly suggests long-term conviction, most likely in anticipation of a catalyst that the market hasn't yet priced in or a larger macro trend. Technically speaking, Ethereum has overcome a number of significant resistance levels, such as the 50 and 100-day EMAs, and is currently making an effort to test the 200 EMA at the $2,600 level. The larger setup is still bullish even though the red candle of today points to a brief correction.

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Volume spiked during the breakout, and even though the RSI is now above 77, suggesting that the market is a little overbought, the momentum may still push ETH higher after consolidation is complete. For a second leg up, a sound retracement toward $2,400-$2,450 might be necessary.

Abraxas and other investors could reach the psychological $3,000 level if they keep up their aggressive buying while ETH remains above $2,300. Ethereum might be able to retest the $3,300-$3,500 range that was last observed during the 2021 bull market if it manages to break through that barrier. The bottom line is that $3,000 ETH might no longer be a pipe dream thanks to significant inflows, a critical breakout and institutional interest.

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