Ethereum (ETH) is facing potential new selling pressure after whales moved significant volumes of the cryptocurrency to major exchanges.
In this line, blockchain tracking data shows that two wallets linked to Galaxy Digital transferred a combined 45,000 ETH, valued at approximately $104 million, to Binance, Bybit, and OKX within 15 hours.
The transactions were executed in multiple tranches, ranging from about 1,500 ETH to 15,000 ETH per transfer, according to insights shared by Arkham on April 28.
It’s worth noting that transfers to centralized exchanges are often seen as a signal that assets may soon enter the market, as traders move funds to access liquidity.
While it remains unclear whether the ETH will be sold immediately, the scale and speed of these transfers have caught investors’ attention.
Large exchange inflows can boost short-term supply and weigh on prices if selling follows. As a result, the latest whale activity has added to cautious sentiment in an already sensitive crypto market, where large transactions often drive volatility.
What’s next for Ethereum price
Regarding the price outlook, on-chain data suggests Ethereum is nearing a key technical point. According to Glassnode analytics shared by crypto analyst Ali Martinez on April 28, ETH is trading within a crucial support range of $2,277 to $1,980.
This view is based on the UTXO Realized Price Distribution (URPD), which shows where ETH last moved on-chain and highlights major accumulation zones.
A dense concentration of holdings within this range points to strong demand, making it a potential support area. Historically, such zones help stabilize prices during corrections.
Holding above this range could support consolidation or a rebound, while a break below $1,980 may open the door to further downside.
For now, Ethereum’s outlook remains balanced between rising sell pressure from whales and the strength of its support base.
Ethereum price analysis
By press time, Ethereum was trading at $2,274, slightly correcting by nearly 2% over the past 24 hours. On a weekly basis, the second-ranked cryptocurrency by market capitalization is also down by a similar margin.
Based on the current price, Ethereum is sitting slightly above its 50-day SMA of $2,188 but remains well below the 200-day SMA at $2,769.
This positioning suggests a mixed trend: short-term momentum is holding up, but the broader trend remains under pressure as long as the price stays beneath the longer-term average.
The 14-day RSI at 52.74 is neutral, indicating neither overbought nor oversold conditions. This reflects a market lacking strong directional conviction, with room to move either way depending on catalysts.
