Ethereum’s pressure continues to deepen as three major investment firms move over $40 million worth of ETH to exchanges within 24 hours.
According to data shared by on-chain analyst The Data Nerd on Apr. 16, within the last 24 hours, Polychain Capital deposited 5,700 Ethereum (ETH), worth around $9.2 million, to centralized exchanges. Galaxy Digital sent another 12,500 ETH, approximately $20.3 million, while B2C2 added 6,540 ETH worth about $10.7 million.
The timing is critical. ETH has broken below the $1,600 mark, a major support zone that has now flipped into resistance. Most moving averages, from the 10-day to the 200-day, are flashing sell signals. The relative strength index is at 38.9, indicating weak momentum but not yet in oversold territory. 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 toward $1,500 or even $1,450 is possible. However, a bounce from current levels could trigger a quick relief rally to $1,700, where heavier resistance awaits.
On-chain data only deepens the bearish sentiment. According to DeFiLlama data, Ethereum’s total value locked has dropped from around $70 billion at the start of the year to $46 billion. Monthly revenue also fell from $109 million in January to just $7.2 million in March.
The network has been losing ground to rivals like Solana (SOL), Base, and Tron (TRX), which are now drawing more users and revenue. Even decentralized apps like Uniswap (UNI) are performing better on competing chains.
U.S. spot ETF outflows add to the concern. ETH ETFs saw $14 million in outflows on Apr. 15, bringing total net losses to $158 million over the past month, according to SoSoValue data.
ETH lost 45% in Q1 2025, its third-worst quarter since 2016. With major players selling and fundamentals weakening, Ethereum’s road to recovery looks increasingly steep.
