Ethereum Price Soars as Abraxas Capital Withdraws $695M in ETH from Exchanges

Ethereum (ETH) has captured market attention this week with a powerful rally and notable whale activity. Over the past few days, ETH surged nearly 44%, climbing from around $1,800 to a peak of $2,600. One major driver behind this price momentum is institutional accumulation—led by Abraxas Capital, which withdrew 185,309 ETH worth approximately $399 million from centralized exchanges in just three days.

This move follows a prior withdrawal of 138,511 ETH (valued at $297 million) by the same entity, bringing their total accumulation to over $695 million within a week. Such aggressive accumulation strongly signals long-term conviction, likely in anticipation of an upcoming catalyst or broader macro trend yet to be priced into the market.

Technically, Ethereum has broken through key resistance levels, surpassing the 50- and 100-day EMAs and currently testing the 200 EMA near $2,600. Despite a minor red candle indicating short-term profit-taking, overall momentum remains bullish. Volume spiked significantly during the breakout, and while the RSI is above 77—indicating the asset may be overbought—continued momentum could push ETH even higher following a healthy consolidation.

Analysts suggest that a pullback to the $2,400–$2,450 zone could serve as a foundation for a second bullish leg. Should Ethereum maintain support above $2,300 and institutional buying persist, the next psychological target of $3,000 is within reach. A successful breakout beyond that level could open the door to retesting the $3,300–$3,500 range last seen during the 2021 bull run.

With whales like Abraxas leading the charge, Ethereum's bullish breakout may just be the beginning of a larger rally.