Key Highlights
- Ethereum trades around $2,370–$2,380, showing 0.8% daily gains and over 3% weekly growth
- Smaller wallet holders have distributed approximately 1.5 million ETH across the past two weeks
- Large holders added 230K ETH during the previous week, absorbing retail distribution
- April witnessed exchange withdrawals drop to their lowest level in eight months
- Critical resistance levels await at $2,388–$2,400, while the 200 SMA stands at $2,680
Ethereum continues to maintain support above the $2,300 threshold as of Tuesday, with current trading activity concentrated near the $2,370–$2,380 range. The asset has posted daily gains of 0.8% alongside weekly appreciation exceeding 3%.
While the weekly performance appears positive, blockchain data reveals a more complex narrative beneath the price action.
Wallet addresses containing between 100 and 10,000 ETH have distributed approximately 820K tokens throughout the past week. Extending the timeframe to two weeks reveals total distribution approaching 1.5 million ETH from this cohort.
The 90-day Mean Coin Age indicator has experienced a significant decline. This data point indicates that recent sellers primarily consist of shorter-term participants rather than established long-term holders.
Staking activity contributes additional context to the current landscape. Approximately 300K ETH was withdrawn from staking protocols last week, marking the largest seven-day outflow recorded since November.
Derivatives markets present their own perspective. Perpetual funding rates for ETH have maintained negative territory throughout most of the recent month. Open interest has climbed above the 14 million ETH threshold, though futures market sentiment remains measured.
Large Holders Counter Smaller Wallet Distribution
While retail-sized wallets have been reducing positions, larger addresses have adopted the opposite approach. Whale wallets accumulated roughly 230K ETH during the previous week, providing counterbalance to retail selling activity.
Liquidation data from the past 24 hours shows $38.7 million in forced position closures. Short positions accounted for $26.1 million of this total, providing upward momentum for price movement.
Market analyst Ali Charts identified a golden cross formation developing between the 50 and 100 simple moving averages on Ethereum’s chart, suggesting potential movement toward the 200 SMA positioned at $2,680. Meanwhile, analyst Ted Pillows presented a more reserved outlook, highlighting that ETH has repeatedly failed to secure a breakout above $2,400 and warning that downside exposure remains elevated until this barrier is overcome.
Exchange Activity Reaches Multi-Month Minimum
April witnessed ETH exchange withdrawals decline to levels unseen since September 2024. Approximately 19.8 million ETH departed exchanges throughout the month. Binance recorded the highest withdrawal volume at 7.09 million ETH, with OKX following at 2.4 million and Coinbase Prime at 1.62 million.
This declining withdrawal activity suggests investors are maintaining ETH holdings on exchange platforms rather than transferring tokens to self-custody solutions. Such behavior reflects a cautious outlook rather than strong conviction in sustained holding strategies.
Technical analysis reveals that ETH has successfully recaptured the $2,200–$2,300 support zone and established a pattern of ascending lows since February. The 50-week and 100-week moving averages occupy the $2,500–$2,800 range and currently function as overhead resistance.
Ethereum faces immediate resistance at the $2,388 level. Current price action remains beneath both the 50-week and 100-week moving average indicators.
