A significant Ethereum whale has ramped up its accumulation efforts following the acquisition of 7,000 ETH valued at $11.8 million. The most recent acquisition increased the total purchases of the wallet to 17,800 ETH, which is valued at around $29.76 million over the last ten days. Such sustained buying activity underscored an increasing confidence among large holders, even in light of Ethereum’s recent price challenges. Notably, the whale accumulated ETH at an average price of $1,672, a level close to the asset’s current market value. This positioning indicated that substantial investors maintained a perception of current prices as appealing. In addition to whale activity, exchange flow data indicated a significant change in the circulating supply of Ethereum.
During the latest trading session, Ethereum experienced inflows amounting to $95.92 million, juxtaposed with outflows totalling $109.27 million. This imbalance resulted in a net outflow of approximately $13.35 million. The ongoing outflow trend suggested that a greater volume of ETH departed from exchanges compared to the amount that entered them. Since exchange-held assets typically represent readily available selling supply, the decline suggested reduced immediate sell-side pressure. Ethereum’s recovery attempt lost momentum after the price neared the $1,800 resistance level and was unable to achieve a sustained breakout. The daily chart indicated that ETH was trading close to $1,703 during the observation period, while sustaining support above the critical $1,700 threshold. Technical indicators suggested a market that had made efforts to recover yet had not completely restored its strength.
The Relative Strength Index increased from significantly oversold levels to 38.02, yet it continues to stay beneath the neutral 50 mark. This reading indicated that buyers had regained a degree of control, although the bullish strength remained constrained. Meanwhile, the Parabolic SAR shifted below the price during the recent rebound, indicating that short-term conditions had improved after the significant decline earlier in June. However, ETH remained below both the descending trendline and the resistance level of $1,800. Unless buyers reclaim these barriers, recovery attempts could continue to encounter resistance. If bullish pressure strengthens, ETH could challenge $1,800 again. Support levels around $1,700 and $1,590 may draw increased interest. Liquidation data indicated multiple high-interest areas that may impact Ethereum’s forthcoming trajectory.
The Binance Liquidation Heatmap indicated a significant concentration of liquidity in the $1,720 to $1,730 range. Given that substantial liquidation clusters frequently draw price movements, this zone has become a critical area to observe in the near term. Below the current price, another significant liquidity pocket has emerged between $1,665 and $1,675. This cluster provided a significant downside reference should Ethereum fail to maintain support around $1,700. Elsewhere, additional liquidity concentrations extended toward $1,750 and above $1,800, indicating areas where leveraged positions had accumulated. As traders persist in focusing on liquidity-rich zones, Ethereum’s price action may continue to gravitate towards these levels prior to defining a more distinct directional movement.