Galaxy Digital’s $20 million Ethereum selloff has deepened bearish sentiment, though technical indicators suggest a possible rebound.
Galaxy Digital, the crypto investment firm led by Mike Novogratz, has been offloading its Ethereum ETH $2 518 24h volatility: 0.6% Market cap: $303.91 B Vol. 24h: $11.15 B holdings over the past several days.
According to blockchain analytics platform LookOnChain, the firm deposited another 12,500 ETH, valued at approximately $20.36 million, to Binance on April 15. Notably, Galaxy has moved 25,000 ETH worth over $40 million to the exchange in just three days.
Galaxy Digital deposited another 12,500 $ETH($20.36M) to #Binance 5 hours ago.
That's 25,000 $ETH($40M+) moved to #Binance in just 3 days.https://t.co/owM3zRHpAx pic.twitter.com/tBtHImGwwO
— Lookonchain (@lookonchain) April 15, 2025
The timing of these sales coincides with Ethereum’s ongoing price struggles. ETH is currently facing mounting selling pressure from whales, down nearly 50% from the same time last year.
On Monday, one major Ethereum whale sent 8,922 ETH worth $14.82 million to Kraken, while another liquidated 8,001 ETH for $13.06 million at a price point of $1,632 per ETH.
Whales are selling $ETH!
0xc19D deposited 8,922 $ETH($14.82M) to #Kraken in 1 hour.
0x4e7a sold 8,001 $ETH($13.06M) at $1,632 in the past hour.https://t.co/H3CPdQrKBKhttps://t.co/ns2FylGJXO pic.twitter.com/wN26nW1tUh
— Lookonchain (@lookonchain) April 14, 2025
Meanwhile, the Ethereum Network is also under strain. Stablecoin supplies on the Ethereum blockchain have dropped by over $1 billion in the past week. This comes as USDT and USDC volumes on rival blockchain Tron have increased by $1.52 billion, according to LookOnChain.
In the past 7 days, stablecoins(USDT&USDC) on #Tron increased by $1.52B, and stablecoins(USDT&USDC) on #Ethereum decreased by $$1.02B.https://t.co/x4UyTWWUOB https://t.co/8znusXWWoc pic.twitter.com/QuIfwHMtqy
— Lookonchain (@lookonchain) April 14, 2025
Additionally, Ethereum’s total value locked (TVL) in DeFi has seen a $20 billion drop since 2025-start, currently sitting at $46.5 billion.
Opportunity amid the panic?
Despite the downturn, several analysts see this as a good buying opportunity for investors. Popular on-chain analyst Ali Martinez pointed out that Ethereum may be approaching a crucial support zone.
The most critical support for #Ethereum sits at $1,546.55, where 822,440 $ETH were previously accumulated. A level worth watching closely! pic.twitter.com/KkNK9zittT
— Ali (@ali_charts) April 15, 2025
According to Martinez, the $1,546 range has historically served as a strong foundation, with over 820,000 ETH previously accumulated at this zone.
He predicted that traders could see a potential rebound, citing a buy signal from the TD Sequential indicator on Ethereum’s weekly chart.
Ethereum (eth) price outlook
As of writing, Ethereum (ETH) is trading around $1,642, with a total market capitalization of over $198 billion. On the daily ETH price chart, the RSI is sitting around 42 with an upward gradient. This suggests that there is ample room for upward motion, though buying volume must rise.
It is important to note that an RSI fall below could point to additional price weakness.
ETH Daily chart | Source: Trading View
The second-largest cryptocurrency is approaching the middle Bollinger Band (20-day SMA). If it sustainably holds this level around $1,655, traders can expect a bullish momentum, reaching the upper band (around $2,000).
On the other hand, the lower band (around $1,429) serves as a dynamic support for ETH.
ETH Daily chart | Source: Trading View
Meanwhile, the MACD line remains below the signal line despite a mildly positive histogram, indicating slow upward momentum. If the price drops further below, it could head to $1,400, particularly if MACD crosses bearishly.
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