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Ethereum was trading near $2,056 at the time of reporting, down more than 5% on the day, as the market drifted toward a key support zone around $1,930. Despite the weaker price action, on-chain activity pointed to continued buying interest from large holders.
On-chain tracking flagged four wallets tied to the same whale withdrawing 32,880 ETH, valued at roughly $70 million at current prices. The wallets were reportedly created about 113 days ago, suggesting the activity was not a short-term reaction to the dip but part of a longer accumulation window.
Additional buying was also reported from Bitmine, which continued adding to its Ethereum position by accumulating about 45,000 ETH, valued near $95.3 million. Taken together, the reported flows suggested larger players were treating the pullback as an accumulation opportunity rather than an exit.
CryptoQuant data cited in the source material showed spot average order size for large orders staying elevated for two straight months. While some large holders trimmed exposure, the broader pattern indicated continued rotation and accumulation rather than a broad retreat.
Exchange balance data suggested coins were leaving trading venues. CryptoQuant data cited in the report indicated Ethereum’s exchange supply ratio had dropped to its lowest level since 2017, implying a smaller share of ETH was held on exchanges where it can be sold quickly.
Lower exchange supply does not guarantee immediate price gains, but it can reduce readily available inventory if demand improves. In the near term, however, the report emphasized that a weak chart can still dominate outcomes even with supportive on-chain behavior.
Despite the accumulation narrative, Ethereum’s price structure was described as still bearish. The Relative Strength Index (RSI) slipped to 47 after a bearish crossover, indicating weakening momentum. ETH also moved below its 20-day and 50-day exponential moving averages—levels commonly used to assess short- and medium-term trend direction.
The $1,930 area was highlighted as the next major support zone. The report noted that if ETH loses the psychological $2,000 region decisively, traders may look to $1,930 as the next place where buyers could defend.
It also pointed to broader market pressure as a potential headwind, including Bitcoin weakness (Bitcoin was cited at $66,627.17) and risk-off positioning that could overwhelm on-chain demand in the short term.
For a bullish shift, the report cited a key recovery condition: ETH reclaiming $2,100 with enough follow-through to demonstrate that buyers can absorb supply. If that occurs while whale accumulation remains firm, the next upside zone around $2,397 would come back into view.
In this framework, the market would need evidence that the recent decline was more of a shakeout than a structural breakdown. Until then, the report characterized sentiment as likely to remain cautious, with traders still respecting the downtrend.
The report described a split picture for Ethereum in early April: strong accumulation signals beneath the surface, alongside weaker technical structure on the price chart. While whale buying near support was presented as a meaningful signal, the article emphasized that ETH could still test $1,930 if broader conditions remain hostile.
Key near-term checkpoints identified were whether ETH holds the $2,000 region, whether buyers defend a potential move toward $1,930, and whether price can reclaim $2,100 before bearish momentum deepens.
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