Ethereum faced renewed volatility, dipping 3.6% over the past 24 hours and now trading near $1,823. The cryptocurrency recently spiked towards $1,944 but encountered resistance, dropping back before rebounding to its current level.
Large whale ramps up ETH purchases
Fresh blockchain data pointed to substantial whale accumulation despite negative short-term price action. Analytics platform Lookonchain reported that two new wallets recently withdrew 20,000 ETH from Coinbase Prime in two large transactions, totaling $37.72 million. These wallets are believed to belong to the same entity, which also acquired 30,000 ETH valued at $57.6 million on July 16. This brought the whale’s total accumulation to 89,396 ETH, now worth roughly $164.88 million over the last three days.
CryptoQuant’s Spot Average Order Size indicator revealed consistent, sizable orders associated with whales for seven consecutive days. This figure reflects both buying and selling, signaling heightened activity without clear directionality.
Analytics firm CoinGlass recorded a second day of negative Ethereum Spot Netflow, with net outflows reaching $23.6 million, though this was a slowdown from the previous day’s $49 million outflow. The shift indicates continued, but easing, investor transfers away from exchanges.
| Date | ETH Spot Netflow |
|---|---|
| Previous day | -$49 million |
| Current day | -$23.6 million |
ETF inflows and network activity diverge
US-listed spot Ethereum exchange-traded funds saw $68 million in net inflows from Monday to Thursday. At the same time, exchange reserves dropped by 253,000 ETH since July 5, suggesting that a portion of investors moved assets to self-custody wallets.
Despite these institutional inflows, the Coinbase Premium Index, a gauge of US institutional demand, remained in negative territory. Ethereum active network addresses fell to a 14-day average of 397,000, the lowest since December. In contrast, daily transaction volume reached an all-time high of 2.65 million, highlighting a split between declining user engagement and stronger on-chain utility.
Staked ETH hit 40.93 million, a new record. Approximately 4.9 million ETH of this total was staked since December by BitMine Immersion, a treasury management company active in institutional staking operations.
Mini dictionary: BitMine Immersion, a treasury management firm specializing in large-scale Ethereum staking and digital asset strategies for institutional clients.
Technical levels and analyst outlook
Technical signals remained mixed. The Balance of Power indicator sharply fell from 0.93 to -0.61, signaling that sellers have recently seized control of price momentum. However, Ethereum held above both its 20-day and 50-day exponential moving averages, set at $1,791 and $1,812, respectively. Immediate resistance lies at $1,909, then $1,942 and $2,018, while supports rest at $1,806, $1,741, and $1,524.
Prominent crypto trader Michaël van de Poppe stated on X that Ethereum could soon exceed $2,000, pointing out an emerging uptrend and ongoing support near $1,780. He identified price targets in the $2,200–$2,400 range and suggested the market structure remains clear for traders.
Ethereum maintains a new upwards trend, flipping previous resistance into support, and a move above $2,000 looks increasingly likely as long as core support levels hold.
Traders faced $91.4 million in Ethereum liquidations over the last 24 hours, with $61 million of these linked to long positions.
