The pressure on Ethereum continues to grow as three large investment firms transfer over $40,000,000 worth of ETH in less than 24 hours.
The Data Nerd, an on-chain analyst who shared data on April 16, said: In the past 24 hours, Polychain Capital has deposited 5,700 ETH (ETHThe exchanges received a total of 9,2 millions ETH (approximately $20.3 million) from Galaxy Digital. Galaxy Digital also added 12,500 ETH (approximately $20.3 million) while B2C2 sent 6,540 USD worth of ETH.
Timing is crucial. ETH broke below $1,600. This was a key support level that is now a resistance. From the 10-day moving average to the 200 day, most are flashing warnings of a sell signal. The relative strength indicator is currently at 38.9 indicating a lack of momentum, but still not in the oversold zone. The moving average convergence/divergence is pointing toward a possible short-term rebound, but overall, the market remains cautious.
If ETH fails to reclaim the $1,600–$1,620 zone soon, further downside A move towards $1.500 or $1.450 could be possible. A bounce off current levels may trigger a relief rally towards $1,700 where stronger resistance is expected.
The data on-chain only exacerbates the negative sentiment. DeFiLlama says dataEthereum’s value has decreased from about $70 Billion at the beginning of this year, to only $46 Billion. Revenues fell by $109 million from January to $7.2 million for March.
Solana, for example, has gained ground on the network.SOLBase and TronTRXEven decentralized apps like Uniswap ( ) are now attracting more users and revenues. Even decentralized apps like Uniswap (UNIThe performance of competing chains is better.
The U.S. ETFs outflows are also a cause for concern. On April 15, ETH ETFs experienced a $14 million outflow. SoSoValue estimates that net losses totaled $158 million in the month of April. data.
ETH lost The price will fall by 45 percent in the first quarter of 2025. This is its third worst quarter ever since 2016. Ethereum is on a steep road to recovery as both major players and fundamentals are weakening.
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Source: crypto.news
