Institutional funds are not waiting for a breakout.

Metaalpha has just transferred $18.6 million worth of ETH from Kraken to cold storage. When major players move large amounts of funds like this, they generally do not consider selling — this is a sign of preparing for long-term holding.

The supply-side impact is imminent. A large amount of ETH flowing into cold storage means the market circulation is shrinking, which will increasingly put pressure on the price.