Massive 150,000 ETH in 24 Hours: Ethereum Sell-off Imminent?

According to IntoTheBlock, over 150,000 $ETH were deposited to exchanges in the past day, marking the highest single-day inflow since January, raising concerns about a potential Ethereum sell-off.

In its tweet, IntoTheBlock noted that 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.

Cryptocurrencies gained as part of a wider market rise Thursday, a day after the Federal Reserve cut interest rates by half a percentage point, the first in more than four years; Ethereum rose more than 6%.

According to CoinMarketCap data, the price of Ethereum was up 4.7% at $2,544 at the time of writing, continuing a surge that began before to the central bank's decision on Wednesday. If $ETH closes higher today, it would have gained for the fourth day in a row since Sept. 17.

Currently, it seems that the Ethereum price is absorbing the current selling pressure, as $ETH holders show diverging strategies.

According to CryptoQuant, $ETH addresses holding 100,000 $ETH balances, along with accumulating retail addresses, appear to be inactive. Meanwhile, addresses with balances between 10,000 $ETH and 100,000 $ETH are buying, but at a slow pace. However, addresses holding 100 $ETH to 1,000 $ETH continue to sell steadily.

What's next for $ETH price?

On the upside, if the bulls can keep the $ETH price above the 50-day SMA at $2,540, it could indicate that the bears are losing their grip. Ethereum rose to a high of $2,573 during today's trading session.

The focus will be on the $ETH price's activity to see if it can persist above this level and, thus, surge to $2,850. Buyers must pass this level to indicate a probable trend change.

On the downside, $2,250 is a significant support level to watch for. If this support fails, the selling might accelerate, with Ethereum falling below $2,111 and finally to $2,000.