Ethereum Price Maintains Support Above $2,300 Amid Diverging Whale and Retail Activity

Ethereum's recent price movement has been characterized by a delicate balance between large wallet addresses and retail investors. Data from blockchain analytics suggests that smaller holders have liquidated nearly 1.5 million ETH in the past two weeks, while larger wallets have absorbed this supply through acquisitions of approximately 230K ETH.

This trend is also reflected in exchange outflows, which reached an eight-month minimum throughout April. The reduction in withdrawal activity indicates that some investors are opting to maintain their ETH holdings on centralized exchanges rather than transferring them to self-custody solutions.