Key Highlights
- Major Ethereum holders accumulated 320K ETH in the past week while smaller investors offloaded 210K ETH
- Daily active addresses surged to 837,200, marking a 10-year record for network usage
- Price remains range-bound between $1,980 and $1,990, facing resistance at the $2,000 threshold
- Spot ETH ETFs in the United States recorded $38.6 million in net inflows on Monday
- Binance short position dominance has declined significantly, while ETH trades beneath critical moving averages
Ethereum continues to trade near the $1,980 mark, failing to breach the critical $2,000 resistance level even as large holders accumulate tokens and on-chain metrics reach historic peaks.
During the past seven days, addresses containing between 10,000 and 100,000 ETH acquired 120,000 tokens just on Sunday and Monday. Cumulative whale accumulation for the entire week totaled 320,000 ETH. Meanwhile, retail-sized wallets holding 100 to 10,000 ETH distributed approximately 210,000 ETH during the same period.
American market participants have maintained a stable outlook. The Coinbase Premium Index, measuring US purchasing pressure, remained in positive range. Monday saw US spot ETH ETFs record net positive flows of $38.6 million, with zero redemptions reported across all nine available products.
On the Binance exchange, short position concentration in ETH perpetual futures has decreased notably throughout the week. This indicates reduced bearish speculation among derivatives traders.
Network Usage Reaches Decade-Long Peak
According to Santiment analytics, Ethereum’s daily active address metric climbed to 837,200, representing the highest level in ten years. This marks an 82% increase compared to five years earlier and surpasses the figure from a decade ago by over 1,100%.
Daily new wallet creation has similarly increased by 64% over the past five years, currently standing at approximately 284,800 fresh addresses per day. Historical patterns suggest that elevated readings in both indicators typically correlate with sustained growth periods for ETH.
Yet the market price hasn’t reflected this activity. ETH continues trading significantly below its 50-day exponential moving average around $2,300 and its 200-day EMA near $2,945.
Critical Price Zones Under Focus
Ethereum experienced $78.3 million in liquidations during the last 24-hour period. Long position liquidations accounted for $48 million of this total.
The Relative Strength Index currently reads approximately 43, indicating subdued momentum without reaching oversold territory. Immediate resistance zones are located at $2,020, $2,050, and $2,080. Successfully clearing $2,120 could establish a path toward $2,200.
For downside scenarios, initial support appears near $1,960, followed by $1,932. Breaking beneath $1,895 might trigger further declines toward $1,850 or potentially $1,820.
Glassnode analytics reveals substantial buying interest around $1,800, with approximately 1.23 million ETH acquired at an average cost basis of $1,890 during the last 30 days.
CoinGlass information indicates concentrated long liquidation vulnerability between $1,900 and $1,950. Short squeeze potential intensifies above the $2,000 level.
ETH’s present trading price near $1,990 places it squarely within this compressed volatility zone.
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