Ethereum (The price of ETH) is experiencing new selling power after the whales made a big move crypto currency to a large exchange.
In this line, blockchain tracking data shows that two wallets are connected to Galaxy Digital transferred including 45,000 ETH, worth about $104 million, to Binance, Bybit, and OKX within 15 hours.
The transaction took place in several blocks, ranging from approximately 1,500 ETH to 15,000 ETH per transfer, according to the information. he shared in Arkham on April 28.
It is important to note that transfers to the middle countries are often seen as a sign that goods may enter the market soon, as traders move money to make money.
Although it is not clear whether ETH will be sold immediately, the size and speed of this transfer has caught on money‘ interest.
Large exchanges can encourage short-term supply and test prices if sales follow. As a result, the recent whale activity has increased the interest in the already sensitive crypto market, where large sales often lead to instability.
Next is the price of Ethereum
In terms of price trends, on-chain data shows that Ethereum is approaching a critical point. According to Glass node analytics he shared in crypto Analyst Ali Martinez on April 28, ETH is trading within a range of $2,277 to $1,980.
These views are based on the UTXO Realized Price Distribution (URPD), which shows where ETH last moved and highlights major areas of accumulation.
The increasing number of products within this category shows the importance of energy, which makes it a place of support. In the past, such areas help stabilize prices during maintenance.
A hold above this level could support a consolidation or recovery, while a break below $1,980 could open the door to further downside.
At the moment, Ethereum’s opinion remains balanced between the rise of strong trading from whales and the strength of its support base.
Ethereum price analysis
As of press time, Ethereum was trading at $2,274, a slight correction of about 2% over the past 24 hours. During the week, the second highest cryptocurrency and market capitalization also decreased by the same margin.
Based on the current price, Ethereum is staying slightly above its 50-day high SMA of $2,188 but remains below the 200-day SMA at $2,769.
This setup shows mixed results: the short-term bullishness continues, but the spread remains under pressure as long as the price remains below the long-term bearish.
Day 14 RSI at 52.74 is neutral, indicating neither overbought nor oversold. This shows a market with no fixed sentiment, with room to move either way depending on incentives.
