Ethereum Exchange Inflows Signal Shift: Whales Reduce Selling Pressure

Ethereum is trading around the $2,150 level as volatility persists across the broader cryptocurrency market, reflecting a phase of uncertainty following recent price swings. While the asset has managed to stabilize near current levels, momentum remains fragile, with traders closely monitoring whether demand can sustain a recovery or if further downside pressure will emerge.

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

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

This decline is notable. It suggests a reduction in large-scale transfer activity, indicating that whales are currently less active in moving assets to exchanges. In this context, the data points to a more cautious stance among large investors, potentially reflecting lower selling pressure but also a lack of aggressive repositioning in the current market environment.

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

This upward gradient across longer-term averages is structurally meaningful. It indicates that historical inflows were significantly higher, confirming a persistent decline in whale deposit activity over time. In practical terms, large holders were transferring more ETH to exchanges in prior phases, while current behavior reflects a more restrained approach.

Importantly, the latest inflow level—around 135,000 ETH—sits below most of these averages. This positioning suggests that immediate selling pressure is relatively subdued, as fewer large-scale deposits are reaching exchanges compared to previous periods. Such conditions are typically associated with reduced distribution intensity.

However, the convergence between the short-term averages, particularly EMA 7 and EMA 14, points to near-term stabilization in flows. At the same time, elevated EMA 50 and EMA 100 levels indicate that the market is still normalizing after earlier waves of heavy selling, rather than entering a fully neutral phase.

Ethereum is currently trading around the $2,150 level, attempting to stabilize after a sharp decline that accelerated in early February. The chart shows a clear breakdown from the $3,000–$3,300 range, followed by a cascade lower that briefly pushed the price below the $2,000 mark before buyers stepped in.

From a structural perspective, ETH remains in a downtrend across multiple timeframes. Price is still trading below the 50-day, 100-day, and 200-day moving averages, all of which are sloping downward. This alignment confirms that broader market momentum remains bearish, with rallies likely facing resistance at these dynamic levels.

The recent bounce from sub-$2,000 levels suggests short-term relief, but the recovery lacks strong continuation. The rejection near the short-term moving average indicates that buyers are not yet strong enough to reclaim higher levels decisively. Volume analysis supports this view, with the largest spikes occurring during the sell-off phase, pointing to capitulation rather than accumulation.

In the near term, the $2,100–$2,200 range acts as a pivot zone. A sustained move above this area could open the door for a test of $2,400. However, failure to hold current levels would likely expose ETH to another retest of the recent lows, keeping downside risks elevated.

Featured image from ChatGPT, chart from TradingView.com