Bitcoin (BTC-USD) rival, Ethereum (ETH-USD) is trading at $1,959.16, down 3.17% (-$64.14) as of 13:21 ET, as big investors move huge amounts of ETH into cold storage. In the past week alone, over $1.8 billion worth of ETH has been pulled from exchanges, according to IntoTheBlockthe biggest outflow since December 2022.

When whales make moves like this, it’s often a sign they’re expecting prices to rise. One key indicator flashing green is Ethereum’s MVRV ratio, which has dropped to 0.8a level historically linked to oversold markets. The last time ETH was here in October 2023, it staged a strong rally soon after.

Adding to the mix, analyst Mikybull spotted a diamond price pattern, a rare technical formation that could signal an explosive 20% breakout toward $2,600. Despite these bullish signs, Ethereum is still sitting below its 200-day EMA, a key support level. If ETH climbs back above it, bulls could take charge. But if it stays stuck, we could be in for a longer period of sideways trading

This article first appeared on GuruFocus.