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ETH Key points
Mixed network fundamentals
A giant whale purchased a total of 89,396 ETH units in three days, worth approximately US$164.88 million.
Ethereum has fallen 3.6% in the past 24 hours and is currently hovering around $1,823.
Although the ETH ETF recorded a US$68 million inflow this week, U.S. market sentiment remains bearish.
The number of online active addresses fell to a low since December, while transaction volume soared to a record high.
Crypto analyst Michaël van de Poppe predicts that if the US$1,780 support remains intact, ETH is expected to hit the US$2,200 - 2,400 range.
Ethereum Current Price and Market Dynamics
Ethereum's current trading price is approximately US$1,823, down 3.6% in the past 24 hours. Three days ago, the cryptocurrency once tested US$1,944, but encountered resistance, then fell back to US$1,819 and rebounded slightly.
While prices fell, significant whale activity occurred. Blockchain monitoring service Lookonchain found that two newly created addresses extracted a total of 20,000 ETH, worth approximately US$37.72 million, from Coinbase Prime through two transactions of 10,000 ETH each. The same giant whale entity had previously purchased 30,000 ETH (worth US$57.6 million) on July 16, bringing its cumulative position in three days to 89,396 ETH, with a total value of approximately US$164.88 million.
Spot average order size indicator from CryptoQuant shows that giant whale orders have appeared in large numbers for seven consecutive days. However, this indicator also captures buying and selling orders and only confirms the increase in whale activity and does not indicate directional preferences.
According to CoinGlass analysis data, Ethereum's net spot traffic was negative for the second consecutive day, at-23.6 million US dollars, narrowing from-49 million US dollars the previous day. This suggests that net outflows from exchanges are still continuing, but at a slower pace.
Mixed network fundamentals
The U.S. spot Ethereum ETF is expected to end this week (Monday to Thursday) with a total net inflow of US$68 million. Exchange reserves have dropped by 253,000 ETH since July 5, indicating that investors are moving assets into personal wallets.
Despite these positive signals, the Coinbase Premium Index, which measures U.S. institutional demand, remains in negative territory. The 14-day simple moving average of the number of active addresses on the Ethereum network has shrunk to 397,000, the lowest level since December, while daily transaction volume has climbed to a record high of 2.65 million over the same period.
The number of ETH in pledge has climbed to an unprecedented 40.93 million. However, much of this increase is due to a single player: money manager BitMine Immersion, which has pledged 4.9 million ETH since December.
Technical Outlook and Key Prices
The Balancing Power Indicator dropped sharply from 0.93 to-0.61, indicating that sellers are currently dominating short-term price momentum.
On a daily chart, Ethereum remains above the 20th and 50th exponential moving averages ($1,791 and $1,812 respectively). Recent resistance appears at $1,909, followed by $1,942 and $2,018. Downward support includes $1,806, with stronger support areas at $1,741 and $1,524.
Well-known cryptocurrency trader Michaël van de Poppe said on the X platform that Ethereum is "very likely" to hit US$2,000 soon, pointing out that an upward trend is taking shape and that US$1,780 support is solid. He outlined a follow-up target price range of $2,200 to $2,400 and emphasized that "you don't have to think too complicated."
In the past 24 hours, Ethereum's total clearing amount was US$91.4 million, of which long position clearing accounted for US$61 million.
