Ethereum is trading around $2,150 as volatility remains in the broader cryptocurrency market, reflecting a phase of uncertainty following recent price swings. While assets have managed to stabilize near current levels, momentum remains volatile and investors are closely monitoring whether demand can sustain the recovery or whether further downward pressure emerges.

In addition to price action, on-chain data offers a more precise picture of market structure. According to CryptoQuant analyst Arab Chain, the Ethereum Exchange Inflow (Top10) indicator on Binance provides valuable insight into whale behavior by tracking transfers from the largest wallets to the exchange.

The latest data shows Ethereum trading near $2,137, maintaining relative stability compared to previous periods of increased volatility. However, inflows from the top 10 wallets reached approximately 135,573 ETH, a level that remains well below previous peaks of over one million ETH.

This decline is noticeable. He suggests limiting large-scale transfers, pointing out that whales are now less lively in transferring assets to exchanges. In this context, the data points to a more cautious attitude from enormous investors, which may reflect less selling pressure, but also a lack of aggressive repositioning in the current market environment.

Whale inflow trend is lower as selling pressure moderates

The report further refines this view by examining the structure of whale arrivals using moving averages, which provide clearer temporal context for current activity. The EMA (7) is around 140,265 ETH, while the EMA (14) is slightly higher at 140,853 ETH. Broadening the horizon, the EMA (30) increases to around 151,694 ETH, followed by the EMA (50) at 158,203 ETH and the EMA (100) at around 159,307 ETH.

This upward gradient in long-term averages has structural significance. He points out that inflows have been much higher in the past, confirming a sustained decline in whale activity over time. In practice, enormous holders transferred more ETH to exchanges in previous phases, while current behavior reflects a more restrained approach.

Importantly, the latest inflow level – around 135,000 ETH – is below most of these averages. This placement suggests that there is relatively little immediate selling pressure as fewer large-scale deposits are hitting stock exchanges compared to previous periods. Such conditions are usually associated with reduced intensity of distribution.

However, the convergence of short-term averages, especially EMA 7 and EMA 14, indicates short-term stabilization of flows. At the same time, elevated EMA 50 and EMA 100 levels indicate that the market is continuing to normalize after previous waves of robust selling, rather than entering a fully neutral phase.

Ethereum remains below key moving averages as recovery efforts stall

Ethereum is currently trading around $2,150, trying to stabilize after a pointed decline that accelerated in early February. The chart shows a clear break of the $3,000 to $3,300 range, followed by a cascade of declines that briefly pushed the price below the $2,000 level before buyers stepped in.

From a structural perspective, ETH remains in a downtrend on multiple time frames. The price is still below the 50-day, 100-day and 200-day moving averages, all of which are trending down. This setup confirms that broader market dynamics remain bearish and the rally is likely to encounter resistance at these active levels.

The recent rebound from sub-$2,000 levels suggests short-term relief, but the recovery lacks robust follow-up. A rejection near the short-term moving average indicates that buyers are not yet robust enough to decisively push higher levels. Analysis of volumes supports this view, with the largest spikes occurring during the sell-off phase, indicating capitulation rather than accumulation.

In the near term, the $2,100-$2,200 range is the trading zone. A sustained move above this area could open the door to a test of the $2,400 level. However, failure to maintain current levels would likely expose ETH to another retest of recent lows, keeping downside risk high.

Featured image from ChatGPT, chart from TradingView.com