Ethereum Soars 44% as Abraxas Capital Pulls 185,309 ETH From Exchanges

After a testing start to the year, Ethereum (ETH) is roaring back to life, notching a surge by more than 44% in just three days.

The rally, which saw ETH climb from $1,800 to over $2,600, marks the asset’s strongest three-day performance since January 2021.

Institutional Accumulation

The price jump also coincided with a series of massive withdrawals from exchanges by crypto investment firm Abraxas Capital. According to the on-chain analytics platform Lookonchain, Abraxas pulled 185,309 ETH worth nearly $400 million from exchanges in the last 72 hours, just as the cryptocurrency began its ascent.

Some view this aggressive accumulation as a sign of growing institutional confidence in Ethereum’s long-term prospects. The uptick has also reversed a profitability slump, with Sentora (formerly IntoTheBlock) noting on May 12 that the share of ETH addresses in profit has rebounded to over 60%, up from just 32% a month ago, reigniting the “Ethereum is back” narrative.

Analyst Titan of Crypto highlighted that ETH had reclaimed a five-year trendline from which it had previously deviated, observing that the MACD was “flipping bullish” on the weekly chart. Fellow market watcher Ali Martinez suggested that the cryptocurrency’s most critical support zone lies between $2,060 and $2,420, where 10 million wallets hold more than 69 million ETH.

Recovery in Motion

Trader Henry also offered additional insight into Ethereum’s structure, pointing out that it had formed an ascending triangle between $2,109 and $1,385. According to him, after hitting initial resistance at $2,578, ETH is now retesting support within the $1,800 to $2,578 zone.

He also predicted upcoming resistance levels at $3,073, $3,316, $3,700, and $4,013, with a long-term target of $12,000 by the end of the year.

Price-wise, ETH is currently trading at $2,550, a slight 1.3% uptick in the last 24 hours. Over the past seven days, the asset gained almost 40%, significantly outperforming the broader crypto market, which went up 13.9% in that period.

On the monthly scale, it has jumped by more than 60%, although it is still down some 12.4% year-on-year and more than 47% below its all-time high of $4,878, which it attained in October 2015.