Ethereum Faces Market Test as Large Holders Move ETH to Exchanges

The transfer occurred as Ethereum contends with a stubborn resistance zone between $2,775 and $2,800. Market observers note that while exchange deposits often precede liquidations, no evidence confirms a sale. A separate, larger movement saw an early network participant deposit 13,330 ETH into Coinbase, further complicating the short-term supply outlook. Despite these inflows, technical indicators remain cautiously optimistic; the weekly RSI sits at 64.48, suggesting room for growth before reaching overbought territory, while the MACD maintains a bullish posture.

Beyond current price action, the network is preparing for the Glamsterdam upgrade, which hits the Sepolia testnet on October 6. This update, aimed at refining execution and consensus layers, represents a significant technical milestone for the fourth quarter of 2026. Meanwhile, the context of Worthalter’s activity remains tied to broader industry shifts, specifically the ongoing wind-down of his project, POAP. While long-term projections—including speculative bull cases reaching $60,000—circulate among analysts, the immediate focus remains on whether Ethereum can decisively clear the $2,800 hurdle to target the $3,000 psychological level.