Key takeaways
- Ethereum traded sideways as mixed on-chain activity reflected uncertainty among investors.
- Whale wallets holding 10,000–100,000 ETH accumulated a net 130,000 ETH over the past week.
- Smaller wallet cohorts collectively reduced their holdings by approximately 360,000 ETH.
Ethereum (ETH) continued trading sideways on Tuesday as whale accumulation was offset by selling among smaller wallet cohorts and subdued institutional demand.
On-chain indicators reflect mixed sentiment, with larger investors returning to accumulation while other holders reduce their exposure near break-even prices.
Ethereum whales accumulate 130,000 ETH
Wallets holding between 10,000 and 100,000 ETH added a net 130,000 ETH over the past week. The increase marked the cohort’s first significant inflow in almost three weeks.
The renewed whale accumulation suggests that some large investors view Ethereum’s current price range as an opportunity to increase their holdings.
However, selling among smaller investors outweighed those purchases, limiting ETH’s ability to establish a clear upward trend.
Wallets holding between 1,000 and 10,000 ETH reduced their combined balance by approximately 230,000 ETH after remaining relatively stable during the previous two weeks.
Investors holding between 100 and 1,000 ETH also sold roughly 130,000 ETH. This cohort has steadily reduced its Ethereum holdings throughout the year.
Together, the two groups recorded net outflows of approximately 360,000 ETH over the past week—nearly three times the amount accumulated by whale wallets.
Ethereum’s Spent Output Profit Ratio hovered between 0.98 and 1.01 during the past week.
SOPR measures whether recently transferred assets were moved at a profit or loss. A reading near one indicates that most investors sold close to their acquisition price.
The data suggests that many holders may be exiting Ethereum positions once prices return to break-even levels rather than waiting for a sustained recovery.
Ongoing geopolitical uncertainty and the Federal Reserve’s moderately hawkish position may be contributing to the cautious sentiment across financial markets.
Ethereum’s Exchange Netflow remains negative, meaning more ETH is still leaving exchanges than entering them. However, the indicator has risen from approximately -34,000 ETH to -4,000 ETH since mid-July.
Negative exchange flows are typically viewed as constructive because withdrawals reduce the amount of ETH immediately available for sale. The movement toward zero suggests that this bullish spot-market pressure is weakening, although only gradually.
The slowdown comes amid reports that the wider cryptocurrency market is experiencing some of its lowest trading volumes since November 2023. Weak activity indicates that investors remain reluctant to take a strong directional position.
Net Realized Losses also increased on Monday, suggesting that most ETH moved at the start of the week was transferred at a loss.ins Weak
Institutional demand for Ethereum remains subdued. US spot ETH exchange-traded funds attracted $27.42 million in net inflows last week.
However, the products returned to negative territory on Monday, recording combined net outflows of $11.42 million.
The reversal highlights inconsistent institutional demand and provides limited support for a sustained ETH price recovery.
Ethereum trapped between key moving averages
Ethereum recorded $17.77 million in liquidations over the past 24 hours, including $11.77 million in short positions.
On the daily chart, ETH remains trapped between the 50-day Exponential Moving Average at $1,851 and the 20-day EMA at $1,869. This narrow range reinforces the neutral short-term outlook.
The 100-day EMA at $1,931 and a previously broken ascending trend line near $1,948 present additional resistance.
The Relative Strength Index stands near 51, reflecting balanced momentum between buyers and sellers. Meanwhile, the Stochastic oscillator near 29 suggests momentum is stabilizing following the recent pullback rather than developing a decisive trend.
A daily close above the 20-day EMA at $1,869 could allow ETH to challenge the 100-day EMA at $1,931 and the former trend-line support near $1,948.
Further buying pressure could bring resistance at $1,961 into focus. A sustained breakout above this area would expose higher targets at $2,172 and $2,431.
On the downside, immediate support lies at the 50-day EMA of $1,851, followed by the horizontal level at $1,809.
A decisive break below $1,809 would weaken the neutral structure and could send ETH toward $1,701. More substantial selling pressure could expose the deeper support level at $1,507.
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