Can Ethereum hold $2.2K after WLFI and Genesis sold over 9,900 ETH?

Trumps WLFI sells 8500 ETHSource: XRetail demand holds the market pressure

Although the altcoin has faced significant sell-side pressure from large entities, demand has also held steady. This strength is most likely arising from small-scale traders.

Source: CryptoQuant

Looking at the Spot Taker CVD, this metric has remained green throughout April. This suggests that buyers have been extremely active in April.

The extended buyer presence explains the Ethereum price holding above $2k this month. Even more importantly, Exchange outflows rose significantly through the month.

Source: CoinGlass

CoinGlass data showed that $24.2 billion in ETH flowed out of exchanges, while $24.07 billion flowed into them. As a result, Spot Netflow dropped 154% to -$126 million, a clear sign of aggressive spot accumulation.

Can ETH hold a positive momentum in May？

Ethereum ends April on a weakened position, just like March ended. This weakness is further strengthened by large entities aggressively selling.

As a result, the downside risk remains stronger. Looking at the Stochastic Momentum Index (SMI), this indicator sits deep into the negative zone, suggesting strong bearishness.

Source: TradingView

At the same time, the EMA and MA Crossover indicator also sit above ETH at $2316 and $2314, respectively, confirming short-term weakness.

These two indicators suggest that ETH could see some losses at the beginning of May. Thus, if large entities continue to sell, ETH will breach the $2.2k support and drop towards $2100.

However, if retail pressure holds the market, ETH will reclaim $2316, setting the stage for a positive May outlook and likely move above $2.5k.