Ethereum held near $2,150 on Thursday as volatility persisted across crypto markets, with on-chain data indicating softer selling pressure from large holders even as price action remains below key technical levels.
Price Holds Near $2,150 After February Sell-Off
ETH attempted to stabilize after a sharp decline that accelerated in early February. The move broke the $3,000–$3,300 range and briefly pushed the asset below $2,000 before dip buyers stepped in. Despite the rebound, the broader trend remains weak: Ethereum continues to trade below its 50-day, 100-day, and 200-day moving averages, all of which are sloping lower, reinforcing a bearish momentum backdrop.
Market structure suggests the $2,100–$2,200 area is a near-term pivot. A sustained break higher could open a move toward $2,400, while failure to hold current levels risks a retest of recent lows. Volume patterns have been heavier on sell-offs than on rebounds, pointing to capitulation rather than broad-based accumulation.
Binance Top-10 Inflows Point to Softer Whale Activity
On-chain indicators show reduced large-wallet transfers to exchanges. According to CryptoQuant analyst Arab Chain, the Ethereum Exchange Inflow (Top 10) metric on Binance—a proxy for whale behavior by tracking transfers from the largest wallets to the exchange—registered roughly 135,573 ETH recently, with spot prices near $2,137. That compares to prior peaks above 1 million ETH, highlighting a notable decline in large-scale deposits.
Lower exchange inflows from top holders can imply reduced immediate selling pressure, as fewer coins are being positioned for potential sale. It may also reflect a more cautious stance among whales amid uncertain market conditions.
Inflows EMAs Signal Downtrend in Deposits
Moving averages of the Binance Top-10 inflows reinforce the picture of moderating whale activity. The 7-day EMA stands near 140,265 ETH and the 14-day EMA around 140,853 ETH. Longer-term measures remain higher, with the 30-day EMA at approximately 151,694 ETH, the 50-day at 158,203 ETH, and the 100-day at about 159,307 ETH.
This upward gradient across longer-term averages indicates that historical inflows were higher, confirming a persistent decline in large deposits over time. Current inflows around 135,000 ETH sit below most of these averages, consistent with lighter near-term selling pressure. The narrowing gap between the 7-day and 14-day EMAs suggests stabilization in short-term flows, while still-elevated 50- and 100-day EMAs imply the market is normalizing after earlier periods of heavy selling rather than shifting to a fully neutral regime.
Outlook
With ETH lingering below major moving averages and large-wallet inflows trending lower, near-term price action may hinge on whether demand can reclaim and hold the $2,100–$2,200 area. A break higher could relieve pressure and invite tests of overhead resistance, while a loss of momentum at current levels would leave the recent lows vulnerable.