Ethereum is trading around the $2,150 level as volatility continues across the broader cryptocurrency market, reflecting the level of uncertainty following recent price movements. Although the asset has stabilized close to current levels, momentum remains fragile and traders are closely monitoring whether demand can sustain the recovery or whether further downward pressure emerges.
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In addition to price action, on-chain data provides a more accurate view of market structure. According to CryptoQuant analyst Arab Chain, Binance’s Ethereum Exchange Inflow (Top 10) indicator tracks transfers from the largest wallets to exchanges, providing valuable insight into whale behavior.
The latest data shows that Ethereum is 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, well below the previous peak of over 1 million ETH.
This decline is noteworthy. This suggests a decline in large-scale transfer activity, indicating that whales are currently less active in moving assets to exchanges. In this context, the data indicates a more cautious stance among large investors, reflecting potentially lower selling pressure as well as a lack of aggressive repositioning in the current market environment.
Whale inflows have trended lower as selling pressure has eased.
The report further refines this view by examining the structure of the whale influx through moving averages, which provide a clearer temporal context for current activity. EMA(7) is around 140,265 ETH, while EMA(14) is slightly higher at 140,853 ETH. Expanding the range, EMA(30) rises to around 151,694 ETH, EMA(50) rises to around 158,203 ETH, and EMA(100) rises to around 159,307 ETH.
This upward slope relative to the long-term average makes structural sense. This indicates that past inputs were quite high and confirms a continued decline in whale sediment activity over time. In practice, larger holders have moved more ETH to exchanges in previous phases, but current behavior reflects a more limited approach.
Importantly, the latest inflow level (around 135,000 ETH) is lower than most of these averages. This positioning suggests that immediate selling pressure has been relatively eased, with fewer large deposits flowing into exchanges compared to previous periods. These conditions are usually associated with reduced distribution intensity.
However, the convergence of short-term averages, especially between EMA 7 and EMA 14, indicates a short-term stabilization of flows. At the same time, the rise in the EMA 50 and EMA 100 levels indicates that the market is still normalizing after the initial wave of heavy selling, rather than entering a completely neutral phase.
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Ethereum is struggling below key moving averages as recovery attempts stall.
Ethereum is currently trading around $2,150, attempting to stabilize after a sharp decline that accelerated in early February. The chart shows a clear break in the $3,000-$3,300 range, followed by a cascade where the price briefly dips below $2,000 before buyers come in.
From a structural perspective, ETH has been in a downward trend for several periods. The price is still trading below the 50-day, 100-day, and 200-day moving averages, which are all trending lower. This correction confirms that the broader market momentum remains weak, with the rally likely to face resistance at these dynamic levels.
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The recent bounce from sub-$2,000 levels suggests short-term relief, but the recovery is not likely to continue strongly. Rejection near the short-term moving average indicates that buyers are not yet strong enough to decisively reverse the higher levels. Volume analysis supports this view, with the biggest spikes occurring during the selling phase, pointing to capitulation rather than accumulation.
In the short term, the $2,100-$2,200 range acts as a pivot zone. A sustained move above this area could open the door to a $2,400 test. However, failure to maintain current levels will likely lead ETH to retest recent lows, increasing downside risks.
Featured image from ChatGPT, chart from TradingView.com