Key Takeaways
- Major wallet accumulated 89,396 ETH valued at approximately $164.88 million across a three-day period
- Ethereum declined 3.6% in the last 24 hours, currently changing hands around $1,823
- American market sentiment stays bearish even with $68M in ETH ETF net inflows recorded this week
- Network active addresses reached December lows while transaction volume climbed to record highs
- Crypto analyst Michaël van de Poppe projects ETH could reach $2,200–$2,400 with $1,780 support intact
Ethereum currently hovers around the $1,823 mark following a 3.6% decline in the past day. The cryptocurrency made an attempt to climb toward $1,944 seventy-two hours ago but faced strong resistance, retreating to $1,819 before experiencing a modest uptick.
While the market shows weakness, large-scale accumulation activity has intensified. Blockchain analytics platform Lookonchain identified two freshly created addresses that moved 20,000 ETH from Coinbase Prime through separate 10,000 ETH transactions, totaling $37.72 million. This same investor had previously acquired 30,000 ETH worth $57.6 million on July 16, pushing their combined three-day acquisition to 89,396 ETH with an estimated value of $164.88 million.
CryptoQuant’s Spot Average Order Size metric indicated sustained large-scale whale transactions over seven straight days. The indicator tracks both accumulation and distribution activity, confirming significant institutional participation without revealing directional bias.
According to CoinGlass analytics, Ethereum’s Spot Netflow maintained negative momentum for two successive days, registering -$23.6 million compared to the prior day’s -$49 million. While outflows persist, the pace has decelerated.
Mixed Network Fundamentals Emerge
American spot ETH exchange-traded funds are positioned to finish the week with $68 million in cumulative net inflows spanning Monday through Thursday. Exchange holdings have contracted by 253,000 ETH since July 5, indicating holders are transferring assets to private wallets.
However, the Coinbase Premium Index, measuring American institutional demand, continues trading below zero. Ethereum’s active address count has dropped to a 14-day simple moving average of 397,000 — the weakest reading since December — while daily transactions surged to an all-time high of 2.65 million.
The total amount of staked ETH has climbed to an unprecedented 40.93 million ETH. That said, much of this expansion stems from treasury management firm BitMine Immersion, which deployed 4.9 million ETH into staking contracts since December.
Critical Price Zones in Focus
The Balance of Power oscillator dropped sharply from 0.93 to -0.61, signaling that bears have seized near-term momentum control.
Examining the daily timeframe, Ethereum maintains position above both its 20-day and 50-day exponential moving averages located at $1,791 and $1,812 respectively. Primary resistance zones appear at $1,909, followed by $1,942 and $2,018. Downside support rests at $1,806, with additional floors at $1,741 and $1,524.
Cryptocurrency trader Michaël van de Poppe (@CryptoMichNL) stated on X that ETH climbing to $2,000 soon is “incredibly more likely,” pointing to an emerging bullish trend structure and solid support holding at $1,780. His upside projections target the $2,200–$2,400 range, emphasizing that market participants “shouldn’t be overcomplicated.”
Over the past 24 hours, ETH experienced $91.4 million in total liquidations, with long position holders accounting for $61 million of the forced closures.
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