Ethereum (ETH) market trends have changed as big players made significant operations across the exchanges.

A Lookonchain report showed that an early ICO participant who had not been active for the past 3 years transferred 30k ETH, amounting to $47.85 million.

A snapshot of cryptocurrency market trends has revealed interesting activity by big players in the Ethereum market. According to a Lookonchain report, an early ICO participant, who has not been active for the past 3 years, transferred 30k ETH, amounting to $47.85 million.

The same wallet is holding 76,000 ETH at the time of Ethereum’s genesis phase, which was bought for $23,560, illustrating the immense potential gains.

At the same time, Galaxy Digital reportedly sent 49,681 ETH worth approximately $80m to both Binance and Coinbase between the 12th and 17th of April. The transactions stemmed from the firm’s OTC wallet, which contains other digital currencies worth more than $11.8 million. Such exchange inflows indicate an increase in selling, and the current trend of increasing caution is well evidenced.

On-chain data from Cryptoquant shows Ethereum active addresses have also shown a declining trajectory, dropping below 300,000 in recent days. Lower user activity is accompanied by a decline in the price trend, with ETH dropping below the $2,000 psychological level and failing to make a rebound.

The current Coinglass chart shows that the net flow has been negative over the past three months due to outflows that are higher than inflows. However, recent deposits have slightly distorted that equation among the whales.

Large outflows are generally associated with long-term investments, while the sharp move in the opposite direction suggests rising asset sales. ETH is down more than 30% from its March high and stands at $1,612 currently.

On the daily chart, TradingView analysis reveals that Ethereum is now operating slightly higher than the 9-day simple moving average of $1,600. The RSI is still at 41.71, which indicates that the momentum is weak but is rising. The chart shows a small increase; however, the $1,670 level still remains unbroken.

While such trends cause much concern and confusion among some investors, some analysts maintain a bullish stance. Trader Ted believes that ETH may be able to reverse a short-term bearish trend and close above $1,670. If successful, then it would provide a boost of $2,000.

Others urge caution. IncomeSharks discouraged aggressive dip-buying forms, stating that taking profits on rallies during the prevailing cycle was wiser. CrypNuevo reiterated a slightly bullish sentiment, stating that Ethereum has favorable factors, such as a strong Bitcoin influence.

Analyst Belle is also positive about ETH recovery due to support levels and a positive weekly chart. Ethereum’s price in the short term remains unpredictable as it largely depends on investor sentiment toward recent whale moves.