Key Insights:
- Wallets holding 100–1,000 ETH dropped over 143K ETH from April 9 to April 14
- Galaxy Digital moved 49,681 ETH to exchanges, worth $79.37M, in five days
- ETH cost basis data shows $1,457 and $1,546 may act as support zones short term
The market is under pressure as Ethereum whales have sold 143,000 ETH over the past week. If the sell-off continues and the price drops further, then the next target or short-term support may be found near the key cost basis zones between $1,457 and $1,598.
Whales Cut Holdings by Over 143K Ethereum in One Week
On April 9, the amount of ETH held by wallets with a balance of 100 to 1,000 ETH was 9.4325 million ETH. By April 14, 9.2894 million ETH was left. This means that wallets in this range sold off around 143,100 ETH in five days.
Similarly, the Ethereum price also fell from $1,669 on April 9 to $1,623 on April 14. The market struggled to hold prices stable as medium to large holders sold off. The falling wallet balance correlated with the price indicates that this segment of investors is actively taking profit or losing confidence.
External transactions also support this decrease in holdings. Lookonchain reported that within five days, Galaxy Digital deposited 49,681 ETH (around $79.37 million) to Binance and Coinbase. These OTC wallets made transfers to major centralized exchanges.
On-Chain Exchange Flows Reflect Rising Sell Activity
According to CoinGlass, ETH spot inflows to exchanges were higher than outflows in early April. Inflows and outflows fluctuate daily, but as prices fell, the overall trend became one of net inflows. In this case, this movement often indicates that more holders are looking to sell or convert their ETH into other assets.
During this time, the ETH price (yellow line in the chart) kept going down. The periods of green inflow bars spike when whale selling was observed on other platforms.
Outflows are also active, but they have not been outpacing inflows in recent weeks. This change in balance signals a weaker holding behaviour in the short run.
Support Zones Around $1,457 and $1,546 Could Hold Ethereum Price
Meanwhile, as per Glassnode’s cost basis distribution chart, Ethereum price is now close to three important support zones. These are price levels where a lot of ETH was last moved or bought by wallets.
According to April 14, there are around 408,000 ETH at $1,457, 822,000 ETH at $1,546, and 725,000 ETH at $1,598. These levels should be used as short-term price support, as those who bought at these levels may be reluctant to sell at a loss.
In April, the Ethereum price fell below the $1,600 mark and was near two of the highest concentration areas. If the selling pressure persists, these levels may be tested as buyers attempt to defend their positions.
Large Holders Take Profits as Market Sentiment Shifts
The decline in ETH held by 100–1,000 ETH wallets and Galaxy Digital’s exchange deposits point to a broader trend of profit-taking and caution. Unlike retail sentiment, whale movements often reflect strategic positioning.
This selling pressure, combined with exchange inflow dominance, suggests that some large players are rebalancing or exiting temporarily amid uncertainty.
That said, ETH still trades near historically important cost basis zones, which may act as buffers. With ETH hovering near $1,600, market participants will closely watch whether buyers step in at these levels or whether further downside materializes.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
