- Ethereum whales and institutions move over $30M in ETH, signaling renewed interest as prices stabilize near crucial support.
- A TD Sequential buy signal and consolidating candles suggest Ethereum may be shifting momentum after a 41% drop from February highs.
- With ETH trading near $1,575 and major players like Paradigm and 0xddb active, the market eyes a possible bullish turnaround.
Ethereum is showing early signs of a shift after weeks of persistent selling pressure. Whale activity is picking up, suggesting a potential change in market dynamics. Notably, an ICO-era whale wallet, linked to the Ethereum Foundation, has offloaded over 12,800 ETH since March. Meanwhile, a fresh buy signal has emerged on Ethereum’s weekly timeframe, indicating possible bullish momentum ahead.
The whale address 0xddb moved 1,001 ETH worth $1.58 million to Kraken just three hours ago, at the time Spot On Chain reported. Since March 10, this wallet has sold 12,891 ETH, totaling $21.5 million, through Kraken and Cumberland. The average exit price stands at $1,668. Despite the massive outflows, the wallet still holds 28,000 ETH, valued at over $44 million.
Besides that, institutional player Paradigm also resumed movements after a nine-month pause. The firm transferred 5,500 ETH worth $8.68 million to Anchorage Digital. This move brings Paradigm’s total ETH deposits to 96,955 ETH—worth $301.5 million—since January 2024. Their average acquisition price sits at a robust $3,109.
Technical Charts Hint at a Reversal
Ethereum is currently trading at $1,579.75, hovering near a crucial support range between $1,525 and $1,575. The TD Sequential on the weekly timeframe just flashed a buy signal, suggesting momentum may be shifting upward. The signal arrives after a brutal 41% drop from February’s highs around $2,700.
Moreover, Ethereum’s weekly candles have begun to shrink, indicating less volatility. Smaller candle bodies often signal market stabilization. The recent price action also shows consolidation instead of continued decline, a key bullish signal.
ETH Faces Pivotal Price Moment
The data shows ETH struggling with a steep downtrend since late February. However, prices have not broken below the critical $1,400 zone reached in early April. Horizontal support levels at $1,525 and $1,575 continue to hold, giving bulls some hope.
Additionally, the market shows signs of indecision as buyers and sellers remain active around the $1,600 level. Trading volume has dropped, adding to the case for stabilization. Hence, this may be a pivotal moment for Ethereum’s short-term price path.
