Ethereum whales have been accelerating their accumulation speed in recent days, showing increasing confidence in this leading altcoin. Data from CryptoQuant shows that many large wallets have continuously withdrawn ETH from exchanges within just 24 hours.

Specifically, four whale wallets withdrew a total of 64,763 ETH from Binance and Bitget on Tuesday. Another wallet, believed to be associated with BitMine, also withdrew 67,111 ETH from Kraken. Meanwhile, some large whales continued to open long positions on Hyperliquid.

Notably, the accumulation trend has also spread to the group of wallets holding 10,000–100,000 ETH, as the total holdings of this group increased by an additional 850,000 ETH over the weekend. The Exchange Netflow index shows that most of the outflow came from OKX, although it is not excluded that this is merely internal rotation rather than actual accumulation.

Net ETH flow from the exchange (OKX) | Source: CryptoQuant

On the contrary, the group of retail investors – who have continuously sold for many weeks – has recorded almost no significant changes in balances over the past week. At the same time, proactive buying in the derivatives market is dominant as the Net Taker Volume of ETH futures contracts reached +133 million USD in recent days.

The decreasing selling pressure from retail investors, combined with whale accumulation activities and positive cash flow, indicates that market sentiment is gradually shifting towards a more optimistic direction.

Net trading volume of ETH | Source: CryptoQuant

Nevertheless, signals from the US market have not truly supported this trend. The Coinbase Premium Index has returned to negative territory, reflecting weak demand from US investors. Additionally, ETH spot ETFs in the US have recorded a consecutive five-day outflow, according to data from SoSoValue.

In the context of still mixed signals, ETH is likely to continue fluctuating within a narrow range until clearer consensus on the uptrend appears on key indicators.

ETH Coinbase Premium Index | Source: CryptoQuant

Ethereum price forecast: ETH faces difficulty at the 50-day EMA

ETH recorded a total liquidation value of 55.1 million USD in the last 24 hours, of which short positions accounted for 41.7 million USD, according to data from Coinglass.

On the daily timeframe, ETH is currently trading around 2,160 USD. The short-term trend is slightly leaning towards the upside as the price maintains above the 20-day EMA (around 2,120 USD) and gradually separates from the previous accumulation area around 2,050 USD.

Notably, the 20-day EMA has reversed upward and started to widen the gap with the 50-day EMA (around 2,190 USD), reflecting improving short-term momentum. However, the long-term picture still faces downward pressure as the 100-day EMA remains quite far, around 2,455 USD.

ETH/USDT daily chart | Source: TradingView

The RSI index remains around 53, indicating moderate buying power and not yet in an overbought state. Meanwhile, the Stochastic Oscillator has retreated to the 40 range, implying that the recent upward momentum is shifting into a consolidation phase, rather than forming a strong correction.

Regarding technical levels, the nearest support is around 2,108 USD — coinciding with the area just below the 20-day EMA and the recent fluctuation zone. In the event of increased selling pressure, deeper support is identified at 1,741 USD. If the price clearly breaks below 2,108 USD, the short-term uptrend is likely to weaken.

On the contrary, ETH still faces resistance at the 50-day EMA, before heading towards higher areas at 2,390 USD and 2,746 USD. A solid daily close above 2,390 USD could open up the room for continued recovery.

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