Key Highlights
- Ethereum is currently trading between $2,370 and $2,380, showing a daily increase of 0.8% and weekly gains exceeding 3%
- Smaller wallet holders have offloaded approximately 1.5 million ETH during the last two weeks
- Large holders acquired 230K ETH in the previous week, providing support against retail distribution
- April witnessed exchange withdrawals dropping to their lowest point in eight months, reflecting cautious sentiment
- Critical resistance zone sits between $2,388 and $2,400, while the 200 SMA remains positioned at $2,680
As of Tuesday’s trading session, Ethereum maintains its position above the $2,300 threshold, hovering around the $2,370ā$2,380 price range. The asset has registered a 0.8% increase over 24 hours and has climbed more than 3% across the previous seven days.
While the weekly performance appears positive on the surface, a closer examination of blockchain data reveals a more complex narrative unfolding.
Wallet addresses containing between 100 and 10,000 ETH have distributed approximately 820K ETH within just the last seven days. Expanding the timeframe to two weeks, this investor segment has sold nearly 1.5 million ETH collectively.
The 90-day Mean Coin Age indicator has experienced a notable decline. This data point indicates that recent sellers are predominantly shorter-term participants rather than established long-term holders.
Staking dynamics also present interesting developments. Approximately 300K ETH was withdrawn from staking contracts last week, marking the most substantial weekly exit since November.
In derivatives markets, ETH perpetual funding rates have consistently remained in negative territory throughout most of April. While open interest has climbed above the 14 million ETH threshold, futures market participants continue displaying hesitant sentiment.
Large Holders Buying While Smaller Investors Exit
A striking divergence has emerged between wallet size cohorts. As retail participants sell, larger cryptocurrency holders have pursued the opposite strategy. Whale wallets accumulated roughly 230K ETH during the past week, providing a counterbalance to retail distribution pressure.
Liquidation data from the last 24 hours shows $38.7 million in forced position closures. Significantly, $26.1 million of this total came from short positions being liquidated, which contributed to upward price momentum.
Market analyst Ali Charts highlighted a golden cross pattern emerging between the 50 and 100 simple moving averages on Ethereum’s chart, suggesting potential upward movement toward the 200 SMA positioned at $2,680. Conversely, analyst Ted Pillows maintained a more conservative outlook, emphasizing that ETH has repeatedly struggled to breach the $2,400 barrier and that downside exposure remains elevated until this resistance is decisively overcome.
Exchange Outflows Drop to Eight-Month Low Point
April’s data reveals that ETH withdrawals from centralized exchanges declined to their weakest level since September 2024. Throughout the month, approximately 19.8 million ETH was moved off exchanges. Binance dominated this activity with 7.09 million ETH withdrawn, while OKX recorded 2.4 million and Coinbase Prime registered 1.62 million.
This reduction in withdrawal activity suggests certain investors are choosing to maintain their ETH holdings on trading platforms rather than transferring assets to self-custody solutions. Such behavior typically reflects a cautious, wait-and-see approach rather than conviction in long-term accumulation.
Technically, ETH has successfully recaptured the $2,200ā$2,300 support region and has established a pattern of higher lows since February. The 50-week and 100-week moving averages occupy the $2,500ā$2,800 territory and currently function as overhead resistance.
Ethereum is currently testing the $2,388 resistance threshold. The price continues trading beneath both the 50-week and 100-week moving averages.
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