Significant amounts of Ethereum (ETH) were shifted to centralized exchanges over the past day by major players, signaling potential sell pressure while investor sentiment remains weak and the network’s Pectra upgrade faces delays.
The upgrade, a key development post-Merge, was pushed from March to May 7th.
$117M+ ETH Moved to Exchanges, Sparks Sell-Off Fears
Large institutional and individual holders moved tens of thousands of ETH onto exchanges within 24 hours. Data reported by The Data Nerd on X included transfers from.
According to The Data Nerd on X, the following transfers were recorded:
- Grayscale: 16,247 ETH (~$28.63 million)
- BlackRock: 10,000 ETH (~$17.94 million)
- Wintermute: 34,634 ETH (~$62.94 million)
- Andre Cronje (Fantom): 2,000 ETH (~$3.44 million)
- James Fickle: 2,350 ETH (~$4.19 million)
These transfers, totaling over 65,000 ETH (valued above $117 million), are often seen as preparation for selling, especially without offsetting inflows or bullish news.
ETH Price Analysis for April
Ethereum is currently trading at $1,801.12, down 1.3% in the last 24 hours, CoinMarketCap data shows. ETH breached crucial support around $1,800, hitting a daily low of $1,751.33, and was attempting to reclaim the $1,800 level.
The 20-day Exponential Moving Average (EMA) at $1,928 now acts as significant resistance. With ETH below this EMA and 24-hour trading volume down 32%, short-term momentum appears bearish.
Technical Indicators Signal Bearish Momentum
The daily chart’s Relative Strength Index (RSI) reading near 37.61 suggests bears currently control price action, though the gradient indicates potential short-term consolidation.
The ETH price action is currently near the lower end of the Bollinger Bands and if the support at ETH price action neared the lower Bollinger Band. If support around $1,734 holds, a retest of the middle Band ($1,928) is possible.
A breakout above the upper Band ($2,112) would require sustained bullish dominance. Conversely, failing to reclaim the 20-day EMA ($1,928) could keep prices suppressed, delaying any potential move above $2,000.
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