Ethereum (ETH) Price: Holds Above $2,300 As Retail Sells and Whales Accumulate

TLDR

• ETH is trading around $2,370–$2,380, up 0.8% on the day and over 3% in the past week
• Retail wallets have sold nearly 1.5 million ETH over the past two weeks
• Whales accumulated 230K ETH last week, countering retail selling pressure
• Exchange withdrawals hit an 8-month low in April, signaling investor hesitation
• ETH faces key resistance at $2,388–$2,400, with the 200 SMA sitting at $2,680

Ethereum is holding above $2,300 as of Tuesday, trading near $2,370–$2,380. The price is up 0.8% on the day and more than 3% over the past week.

Despite that weekly gain, several on-chain metrics show mixed signals beneath the surface.

Retail wallets holding between 100 and 10,000 ETH have sold off around 820K ETH in the past week alone. Over the past two weeks, that cohort has distributed close to 1.5 million ETH in total.

The 90-day Mean Coin Age metric has also dropped sharply. This suggests that much of the selling is coming from short-term holders rather than long-term investors.

Staking outflows add to the picture. Investors unstaked roughly 300K ETH last week — the largest weekly outflow since November.

On the derivatives side, ETH perpetual funding rates have remained negative for most of the past month. Open interest has edged above 14 million ETH, but sentiment in futures markets still leans cautious.

Whales Step In While Retail Steps Back

While retail has been selling, larger wallets are moving in the opposite direction. Whales accumulated approximately 230K ETH last week, partially offsetting the retail distribution.

ETH also recorded $38.7 million in liquidations over the past 24 hours. Of that, $26.1 million came from short positions being liquidated, which supported the upward price action.

Analyst Ali Charts noted a golden cross forming between the 50 and 100 SMA on Ethereum’s chart, pointing to a potential move toward the 200 SMA at $2,680. However, analyst Ted Pillows offered a more cautious take, stating that ETH has failed to break above $2,400 again and that downside risk increases until that level is cleared.

Exchange Withdrawals Hit 8-Month Low

April saw ETH exchange withdrawals fall to their lowest level since September 2024. Around 19.8 million ETH was withdrawn across all exchanges during the month. Binance led with 7.09 million ETH, followed by OKX at 2.4 million and Coinbase Prime at 1.62 million.

The slowdown suggests some investors are keeping ETH on exchanges rather than moving it to cold storage. This indicates a wait-and-see posture rather than a clear commitment to long-term holding.

On the price chart, ETH has reclaimed the $2,200–$2,300 support zone and printed a series of higher lows since February. The 50-week and 100-week moving averages sit in the $2,500–$2,800 range and are currently acting as resistance.

ETH is pressing on the $2,388 resistance level. Price remains below both the 50-week and 100-week moving averages.

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