This situation presents a crucial moment for traders focusing on Ethereum price analysis and market trends, with actionable insights derived from on-chain data and trading volumes.

On April 29, 2025, Galaxy Digital's OTC wallets made a significant deposit of 23,900 ETH, valued at approximately $42.52 million, to Coinbase within an 8-hour window.

Following this deposit, trading volume for ETH/USD on Coinbase surged by 12%, with 85,000 ETH traded within just one hour.

The timing of the deposit also coincided with increased activity in ETH/BTC trading pairs, which rose by 0.5% to 0.0265 BTC per ETH.

Overall trading volume for ETH across major exchanges, including Binance and Kraken, saw a notable increase, with Binance reporting a 24-hour volume of 1.2 million ETH by noon UTC, up 8% from the previous day.

In the past 24 hours, Ethereum wallet outflows from other institutional addresses increased by 15%, totaling 45,000 ETH, indicating potential repositioning among large holders.

Market analysts suggest that such large OTC transactions can signal potential selling pressure or strategic repositioning by institutional investors.

Movements by institutions like Galaxy Digital often influence broader market sentiment, affecting sectors beyond Ethereum, including AI-driven crypto projects.

At the time of the deposit, Ethereum's price was around $1,780 per ETH, with a 24-hour trading range between $1,765 and $1,795 according to Binance data.

For traders, critical support and resistance levels were identified at $1,765 and $1,800, respectively, with recommended stop-loss and take-profit levels based on current market trends.

Technical indicators showed the Relative Strength Index (RSI) for ETH/USD at 52, suggesting neutral market sentiment, while the Moving Average Convergence Divergence (MACD) indicated potential short-term upward momentum.

Coinbase's order book displayed a tightening bid-ask spread by 0.3% by 11:00 AM UTC, suggesting increased liquidity and preparation for large trades.