Key Highlights
- Major whale acquired 89,396 ETH valued at approximately $164.88 million across a three-day period
- Ethereum declined 3.6% over 24 hours, currently hovering around $1,823
- US market sentiment stays bearish even as ETH ETF products see $68M in weekly inflows
- 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 if $1,780 support remains intact
Ethereum is currently changing hands near $1,823 following a 3.6% decline over the past day. The digital asset made an attempt to rally toward $1,944 three days prior but faced resistance, retreating to $1,819 before staging a modest bounce.
While prices have softened, large-scale investor activity has intensified. Blockchain analytics platform Lookonchain identified two freshly established wallets that pulled 20,000 ETH from Coinbase Prime across two separate 10,000 ETH transactions totaling $37.72 million. This same major holder had previously acquired 30,000 ETH valued at $57.6 million on July 16, pushing their three-day accumulation to 89,396 ETH worth roughly $164.88 million.
CryptoQuant’s Spot Average Order Size metric revealed substantial whale-sized orders for seven straight days. The indicator tracks both purchase and sale orders, confirming heightened whale engagement without definitively indicating market direction.
According to CoinGlass metrics, Ethereum’s Spot Netflow stayed negative for the second consecutive day at -$23.6 million compared to -$49 million the day before. While outflows persisted, the pace decelerated.
Mixed On-Chain Indicators
US spot ETH exchange-traded funds are poised to conclude the week with $68 million in cumulative net inflows spanning Monday through Thursday. Exchange holdings have declined by 253,000 ETH since early July, indicating investors are transferring assets to cold storage wallets.
Yet the Coinbase Premium Index, measuring American investor appetite, continues registering negative readings. Ethereum network active addresses have contracted to a 14-day simple moving average of 397,000 — the weakest reading since December — despite transaction counts surging to an all-time high of 2.65 million.
The total amount of staked ETH has climbed to an unprecedented 40.93 million ETH. Much of this expansion stems from a single participant, treasury company BitMine Immersion, which contributed 4.9 million ETH to the staking pool since December.
Critical Technical Zones
The Balance of Power oscillator dropped from 0.93 to -0.61, signaling that sellers currently dominate near-term momentum.
Examining the daily timeframe, Ethereum maintains position above both its 20- and 50-day exponential moving averages positioned at $1,791 and $1,812. Immediate resistance emerges at $1,909, followed by $1,942 and $2,018. Downside support awaits at $1,806, with additional floors at $1,741 and $1,524.
Cryptocurrency analyst 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 and solid support maintaining at $1,780. His subsequent price objectives sit at $2,200–$2,400, noting the analysis “shouldn’t be overcomplicated.”
Ethereum experienced $91.4 million in total liquidations over the last 24 hours, with long position liquidations accounting for $61 million of that figure.
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