- The trading companies Polychain and Galaxy Digital, and B2C2, transferred more than $40 million of ETH to various exchanges during the 24 hours.
- After declining below $1600, the price level functions as a resistance point, which shows weak technical momentum.
- The Ethereum network suffers declining activity along with falling TVL and revenue, but competitors capture new users who increase their market dominance.
Within 24 hours, Polychain, along with Galaxy Digital and B2C2, performed three large-scale ETH transfers that exceeded $40 million in value for deposits to trading platforms. The vital $1,600 price mark gave way to become a technical barrier point as Ethereum’s price dynamics maintained low momentum.
Three trading companies, including Polychain and Galaxy Digital, together with B2C2, engaged in a transaction where they sent more than $40 million in ETH to exchanges during one day. The price of Ethereum fell below its important $1,600 mark, which turned into resistance but showed minimal support according to technical indicators.
Three major investment firms drove heavy selling pressure on Ethereum after they moved combined ETH worth $40 million to centralized exchanges during 24 hours. On April 16, The Data Nerd identified Polychain Capital as he recorded the cryptocurrency firm transporting 5,700 ETH worth approximately $9.2 million. The selling activity from Galaxy Digital included 12,500 ETH, reaching a worth of $20.3 million, alongside B2C2 transferring 6,540 ETH worth $10.7 million.
Large ETH fund movements from essential contributors occurred precisely when the Ethereum system dropped below its vital support point of $1,600. The market faces additional stress following this valuable price level’s transformation into a barrier to oppose price growth. The technical indicators currently point towards negative market momentum. The Relative Strength Index indicator shows weak buying strength by reaching the 38.9 reading. All major moving averages, ranging from short to long-term, display sell-side indicators.
Rising demand according to the Moving Average Convergence Divergence indicators implies upcoming market recovery while investors maintain a protective outlook. A failure for Ethereum to regain the price range from $1,600 to $1,620 would increase the probability of price drops to $1,500 or possibly down to $1,450. ETH faces a high barrier to growth at $1,700 after a possible market bounce, but faces strong resistance there.
On-Chain Metrics Show Continued Weakness
The following on-chain statistics demonstrate deteriorating market basics. Analysis by DeFiLlama indicates that Ethereum lost $70 billion in total value locked, which dropped to $46 billion in several months. Monthly network revenue experienced significant deterioration, as the drop from $109 million in January to $7.2 million was recorded during March.
The Ethereum network, together with its revenue streams, deals with rising competition in both domains. Solana, Tron, and Base have succeeded in attracting additional user bases and earning better revenue, respectively. The rival blockchain networks now host an increasing number of users who interact with decentralized platforms, including Uniswap.
U.S.-based Ethereum ETFs have further intensified market pressure by experiencing net withdrawals. The SoSoValue data indicates that ETH ETFs experienced a total net withdrawal of $14 million when investors withdrew their funds on April 15. The combined effect has resulted in a total $158 million withdrawal from ETH accounts throughout the last month.
