ETH price retreated after briefly reaching $1,850, currently trading around $1,810
$1,750 identified as critical support level while $1,800 remains a key resistance
ETH whales increased holdings with large holder netflows spiking 2682% in past week
ETH-backed ETFs recorded $157.09 million in net inflows, breaking an eight-week outflow streak
Technical indicators show mixed signals, with potential targets of $2,027 (upside) or $1,385 (downside)
Ethereum has experienced a rollercoaster of price action in recent days, pulling back from recent highs but showing resilience as whales return to accumulation mode. The second-largest cryptocurrency briefly touched $1,850 before encountering resistance and settling around the $1,810 mark.
The price movements come amid increased activity from large holders. On-chain data indicates a massive 2682% increase in whale netflows over the past seven days, suggesting substantial accumulation by addresses controlling more than 0.1% of the circulating supply.
This whale activity coincides with a reversal in ETH-backed ETF flows. After eight consecutive weeks of outflows totaling over $700 million, these funds registered net inflows of $157.09 million between April 21-25, marking a potential shift in market sentiment.
Despite the recent pullback, Ethereum maintains a market capitalization of approximately $218.6 billion. The current price represents a modest 0.09% increase over the past 24 hours, highlighting the consolidation phase the asset has entered.
Crucial Support and Resistance Levels
Technical analysis reveals several key price levels for traders to monitor. The $1,750 zone serves as critical support, coinciding with the 76.4% Fibonacci retracement level of the recent swing from $1,723 to $1,848.
On the upside, $1,800 continues to function as a major resistance level, further strengthened by the 100-hour Simple Moving Average. A decisive break above this threshold could open the door to retests of $1,850 and potentially $1,920.
Hourly charts show a bearish trend line with resistance near $1,815. The price recently faced rejection at the 50% Fibonacci retracement level of the move from $1,857 to $1,746.
The hourly MACD indicates gaining momentum in the bullish zone, while the RSI sits above the 50 mark. However, the overall technical outlook remains mixed, with the RSI previously showing caution and uncertainty in the trading environment.
Market observers note that failure to maintain the $1,750 support could trigger more severe declines, potentially pushing Ethereum toward $1,700, $1,650, or even $1,620. Conversely, sustained bullish momentum could propel the price toward the $2,000 threshold.
Whale Behavior and Market Implications
The surge in large holder netflows provides insight into the mindset of Ethereum’s wealthiest investors. These entities typically accumulate when they perceive value at current price levels, suggesting confidence in future upside potential.
The Balance of Power (BoP) indicator currently sits at 0.31, highlighting that buying pressure exceeds selling pressure. This positive reading signals strength in Ethereum’s price movement and points to potential upward momentum.
If this bullish sentiment persists, analysts suggest Ethereum could rally back above $2,000 to reach $2,027. However, a deterioration in market conditions could send the price tumbling to $1,385.
The return of institutional interest through ETF inflows represents another positive development. The $157.09 million of net inflows ends a prolonged period of outflows, potentially indicating a broader recovery in institutional appetite for Ethereum exposure.
Traders remain focused on Ethereum’s ability to maintain levels above the 100-hourly Simple Moving Average. Despite the recent hesitation, long-term momentum indicators continue to support the overall upward trend, provided key support zones hold.
For the immediate future, Ethereum’s price trajectory will largely depend on its ability to maintain the $1,750 support level. Until it decisively overcomes the $1,800 resistance backed by the Simple Moving Average, the upward momentum remains vulnerable.
The coming days will prove crucial as Ethereum navigates this pivotal juncture in its ongoing price action. Volume patterns and broader sentiment shifts will likely determine whether bulls or bears gain the upper hand in the next market phase.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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