According to IntoTheBlock, over 150,000 ETH was deposited to exchanges in the past 24 hours, marking the largest single-day inflow since January. This surge has raised concerns about a potential Ethereum sell-off. IntoTheBlock’s analysis points out that such significant inflows often signal increased selling pressure, as traders may be looking to either lock in profits or limit further losses amidst recent price fluctuations.
In a tweet, IntoTheBlock stated:
“Over 150,000 $ETH was deposited to exchanges yesterday, the highest since January. Such substantial inflows often indicate rising selling pressure, as users may be looking to capitalize on recent price movements—whether to secure profits or limit further losses.”
Meanwhile, the broader crypto market saw gains on Thursday, following the Federal Reserve’s decision to cut interest rates by 0.5%, the first such move in over four years. Ethereum rose over 6%, driven by the positive market sentiment. According to CoinMarketCap, ETH was up 4.7%, trading at $2,544 at the time of writing, continuing its upward trend since September 17.
Despite the heavy inflows, Ethereum’s price has so far managed to absorb the selling pressure, with ETH holders displaying mixed strategies. CryptoQuant data reveals that larger holders (addresses with 100,000+ ETH) and smaller retail addresses are mostly inactive. On the other hand, mid-sized addresses (holding between 10,000 and 100,000 ETH) have been buying, though at a modest pace. However, addresses with 100 to 1,000 ETH have continued to sell consistently.
What’s Next for Ethereum?
On the upside, if ETH can maintain its position above the 50-day Simple Moving Average (SMA) at $2,540, it could signal a weakening of bearish control. Ethereum reached a high of $2,573 during today’s trading session. The next key resistance level to watch is $2,850, and breaking through this could indicate a trend reversal.
On the downside, $2,250 serves as a critical support level. Should this support break, Ethereum could face accelerated selling pressure, potentially driving the price down to $2,111 and eventually $2,000.