Galaxy Digital has transferred $40 million in Ethereum amid market downturns, with a notable drop in stablecoin reserves exceeding $1 billion. ETH currently faces selling pressure from whales, and its price may experience a rebound at the critical support level of $1,546. Analysts note that the RSI indicates potential upward movement, but caution remains as poor indicators could lead to further losses.
In recent market movements, Galaxy Digital has sold significant amounts of Ethereum, transferring $40 million worth to Binance over a span of three days. This included an additional deposit of 12,500 ETH valued at approximately $20.36 million on April 15. These transactions highlight the ongoing bearish trend for Ethereum, which has faced considerable selling pressure from major stakeholders.
As of now, the price of Ethereum has fallen nearly by 50% from the previous year. Notably, one prominent whale transferred 8,922 ETH to Kraken, while another sold 8,001 ETH at a price of $1,632. These trades reflect the prevalent sentiment among whales to offload significant ETH holdings during this market slump.
Compounding the situation, Ethereum’s stablecoin reserves have diminished by over $1 billion in the past week as USDT and USDC volumes on the Tron blockchain surged by $1.52 billion. This shift indicates a loss of stability within the Ethereum network, showcasing how quickly market dynamics can change.
Ethereum’s Total Value Locked (TVL) in Decentralised Finance (DeFi) has also seen a significant decline, now sitting at $46.5 billion, down from the start of 2025. Despite these troubling figures, analysts suggest that a rebound could be on the horizon, particularly around the critical support level of $1,546, where substantial ETH has previously been accumulated.
Current trading conditions for Ethereum see its price around $1,642, with a market capitalisation exceeding $198 billion. The Relative Strength Index (RSI) is at 42, indicating potential upward movement as long as buying volume increases. A strong resistance level is indicated by the middle Bollinger Band at approximately $1,655; sustaining this could lead to bullish momentum.
Conversely, if the price falls below the lower Bollinger Band at about $1,429, further downward pressure may occur. The Moving Average Convergence Divergence (MACD) remains below the signal line, suggesting sluggish growth potential. A bearish cross could push Ethereum closer to the $1,400 level, highlighting the importance of monitoring market indicators closely.
As market conditions are volatile, potential investors should conduct thorough research and possibly consult financial professionals before making investment decisions.
