Galaxy Digital Moves $103M in ETH Amid Bullish Wyckoff Setup

Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com Galaxy Digital’s $103M ETH transfer to Coinbase signals potential strategic shifts amid bullish Wyckoff setup and macro tailwinds.Ethereum’s Wyckoff Spring signals reversal with bullish targets to $6.4K, contingent on reclaiming $3,950 and holding $2,200.Galaxy’s Nasdaq uplisting and target hike to $39 reflect growing institutional confidence despite Q1 losses and crypto headwinds.According to Spot On Chain, Galaxy Digital transferred 39,834 ETH—worth approximately $103.6 million—to Coinbase within the past 8 hours. This major move coincides with Ethereum hovering near $2,600, sparking speculation among traders. Such large deposits often hint at short-term selling pressure or a strategic repositioning. Meanwhile, the S&P 500 climbed 0.8% to 5,308.15 on May 14, reflecting a surge in risk appetite. This correlation signals potential capital rotation between traditional and crypto markets, with Galaxy possibly reallocating funds based on macro signals.Wyckoff Spring Confirms Ethereum’s ReversalEthereum’s price action aligns closely with the Wyckoff Accumulation model. According to trader Merlijn, ETH recently completed the “Spring” phase. This phase followed a capitulation wick to $1.4K and signals a possible macro bottom. The rebound from $2,200 suggests that bullish momentum is returning.Source: Merlijn The TraderMoreover, the price structure shows Ethereum forming higher lows since March 2025. These bullish candles support the Wyckoff Phase D scenario. The recent pullback is viewed as a “Test,” indicating healthy consolidation before a breakout.Additionally, Ethereum needs to reclaim $3,950 to confirm the start of a markup phase. A breakout from this level would flip resistance into support. The projected move points to price targets between $4,550 and $6,400.Institutional Flows and Galaxy’s Market PositionThe ETH transfer comes as Galaxy Digital receives a bullish price target upgrade. On May 14, H.C. Wainwright raised its target from $30 to $39. This upgrade arrives just days before Galaxy’s Nasdaq uplisting scheduled for May 16. Although the firm posted a $295 million Q1 loss, analysts remain optimistic. Moreover, the move signals growing institutional confidence in the crypto sector’s long-term trajectory. Galaxy’s actions could hint at upcoming reallocations or hedging strategies before uplisting.Consequently, the ETH deposit and Wyckoff confirmation create a complex market narrative. While short-term volatility could increase, the long-term technical structure remains bullish. Ethereum’s recovery may gain further traction if it sustains above key support levels. Besides, Galaxy’s transition to Nasdaq and its alignment with macro trends enhance its strategic role. Ethereum’s next move now hinges on holding $2,200 and breaching $3,950.Source link