Ethereum has attracted the attention of prominent investors, with Abraxas Capital, acting through Heka Funds, aggressively buying ETH, which is signaling the growing potential for a price surge.
As per on-chain insights by Lookonchain, Abraxas withdrew total of 74,304 ETH, worth about $135.46 million from prominent exchanges Binance and Kraken.
The timing of these transfers coincides with bullish technical advancements for Ethereum. ETH recently broke above a six-month falling trendline that had trapped it in a downtrend since mid-December.
Ethereum price’s breakout at $1,600 has occurred on April 7, as macroeconomic conditions eased, triggered a wider market upturn. With ETH crossed the level of $2,000, analysts are monitoring key resistance points at $2,250. A clean break above these might set the stage for the psychologically significant $3,000 level.
The momentum indicators confirm the bullish setup. The Relative Strength Index (RSI) has surged from 56 to 66 within a span of 24 hours, indicating increasing strength in buyers. The 50-day Simple Moving Average (SMA) now provides support at $1,775, and the 100-day SMA at $2,100 and the 200-day SMA in the $2,500–$2,800 range—yet another key region of resistance which traders are keenly watching.
On the fundamental front, Ethereum is also exhibiting signs of a strong comeback. Its total value locked (TVL) has risen by 41% in the last 30 days to $52.8 billion. Its daily transactions have also increased by 22% to 1.34 million, indicating more network activity. At the same time, project growth in BlackRock BUIDL, Spark, and Ether.fi indicates new interest in financial applications on the Ethereum platform.
Even as lower fees have slowed down ETH’s burn rate, overall metrics for the network are still upbeat. As big institutional players like Abraxas Capital join in, technical indicators light up green, and usage increases, Ethereum seems to be getting the momentum to reclaim the $3,000 price level.
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