From 22:00 to 22:15 (UTC) on 2026-04-12, ETH showed a clear downward move in a highly liquid environment. The candlestick chart indicates a return rate of -0.66%. The price range oscillated between 2186.76 and 2211.25 USDT, with an amplitude of 1.11%. Market attention rose rapidly; in the short term, sentiment turned cautious, and volatility intensified.
The main drivers behind this deviation are a sharp increase in exchange net inflows and concentrated selling by short-term holders. On-chain data shows that, within 24 hours, net ETH inflows to exchanges reached 9,567.65 ETH, indicating that a large amount of capital moved toward sell orders in a short time. Coupled with whale wallets transferring funds to exchanges, this created a typical sell-pressure resonance. HODL Waves monitoring shows that the share of holdings among short-term users with less than 1 month of holdings fell from 6.9% to 5.3% during this window. It did not shift into medium- to long-term holding, suggesting panic-driven capitulation out of positions.
In addition, the transfer loss volume surged to 223,782.64 ETH, indicating that many holders cut losses and exited when transfer prices were below the prior transfer price, intensifying localized market panic. From a technical perspective, the “bear flag” pattern formed by ETH and the breakdown of a key resistance level triggered some technical traders to follow through with stop-losses and exit. Although ETF capital has flowed back, in an extremely short cycle it cannot form strong support. With multiple factors overlapping, short-term volatility is amplified.
Be cautious of the risks of continuous outflows of short-term capital and emotion-driven actions by short-term holders. If exchange net inflows remain high and key support levels are not effectively defended, the price may face further downward adjustment pressure. Continue to watch large on-chain transfers, short-term holding changes, and developments in the macro news environment, and stay alert to dramatic market volatility. For more market updates, please keep an eye on subsequent monitoring.
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