Ethereum (ETH) is trading above the $2,300 level, but it has been unable to stage a clear break higher as it is held back by selling pressure from retail investors.

On April 23, blockchain media outlet CryptoPolitan reported that whales and companies such as BitMine are continuing to accumulate Ethereum, while retail investors are exiting the market through Binance and cutting off an upside breakout.

Ethereum briefly traded at $2,332.55 on April 23. Market sentiment stayed in neutral territory. The Fear & Greed Index edged up to 61, but not to a level that would signal a strong direction. Unlike bitcoin, which made repeated attempts to rebound above $78,000, Ethereum moved sideways in a narrow range. On a weekly basis, it intermittently fell as much as 9 percent.

A weakening of market confidence is cited as a reason for the price stagnation. Ethereum showed a move reflecting a combination of geopolitical tensions, hacking incidents and waning trust in DeFi. In particular, a DeFi liquidity shock that occurred after the Kelp DAO hack also weighed on it.

Supply and demand dynamics diverged. Ethereum is currently trading around $2,307, its average realised price. That level served as a range where some investors could find it easy to exit. Whales held or accumulated more, but retail investors leaned toward selling.

In the spot market, a sell wall formed above $2,330. A relatively narrow price band built up about 3,500 ETH, limiting an upside break. By contrast, as of April 23, buy orders were concentrated around $2,320. Whales have endured unrealised losses and are only now emerging from them, so they are not rushing to sell. Activity by retail addresses and deposits into Binance increased. That means even a modest rebound prompts retail investors to take profits, offsetting whale buying.

Exchange influence is also a variable. Binance spot trading, where retail funds flow in, is highly likely to have an immediate impact on Ethereum’s price. By contrast, whales’ balance-sheet accumulation can rely on over-the-counter trading and may not be reflected in market prices right away. That difference is reinforcing the recent range-bound move.

In the derivatives market, Ethereum also showed weaker moves than bitcoin. Open interest, based on Coinalyze, stood at $12.47 billion, down from more than $14 billion, the previous local peak.

Short-position pressure is also large. A large amount of shorts has built up around the $2,427 range. That signals it would be difficult for a short-term short squeeze to develop into a strong rally. Long positions are relatively small, limiting the scope for liquidation-driven moves in the short term. Based on the current liquidation heatmap, the area around $2,200 is acting as support.

Market share also tilted toward bitcoin. Ethereum’s share of market capitalisation fell to 10.1 percent, while bitcoin’s share recovered to 58 percent. Based on CoinMarketCap, the relative strength index (RSI) was 49 for Ethereum and 53 for bitcoin.