Ethereum Sees 1.11 Million ETH Accumulated Despite 1% Friday Decline

Ethereum (ETH) has seen a significant increase in accumulation addresses, with over 1.11 million ETH purchased in the past week. This surge in accumulation occurred despite the cryptocurrency facing resistance at the $1,800 level and the 50-day Simple Moving Average (SMA). The price of ETH is currently around $1,760, reflecting a 1% decline on Friday due to increased selling pressure on exchanges.

Despite the recent selling pressure, there are signs of returning bullish momentum. Accumulation addresses, which are wallets that have never spent funds, have shown increased confidence by purchasing over 1.11 million ETH between April 17 and 23. This marks the highest weekly inflow into accumulation addresses in 2025, indicating a return of bullish sentiment among long-term ETH investors. Nearly half of these inflows occurred following the price surge on Tuesday, suggesting that investors are optimistic about the future of Ethereum.

Technical indicators also provide mixed but generally positive signals. Ethereum is trading above its 100-hourly SMA, with a bullish trend line forming support at $1,780 on the hourly chart. The Stochastic Oscillator has retreated from the overbought region, while the Relative Strength Index remains above its neutral level. The Awesome Oscillator has consistently posted receding histogram bars below its neutral level, suggesting a modest dominance in bullish momentum.

However, Ethereum is facing challenges at higher levels, with resistance at the $1,800 level reinforced by the 50-day SMA. If ETH can clear this hurdle, it could potentially break through the upper boundary of a descending channel pattern and reclaim the psychologically important $2,000 level. On the downside, initial support sits near $1,780, with stronger support at $1,740. If these levels fail to hold, ETH could test lower support at $1,700 or even $1,665.

Net taker volume data provides another positive signal for Ethereum. While shorts have dominated ETH futures in the past six months, the negative net taker volume has been reducing steadily since January. This indicates that sellers are gradually experiencing exhaustion, despite ETH’s price falling during much of this period. This suggests that the recent selling pressure may be temporary and that bullish momentum could return in the near future.

In summary, despite facing resistance at the $1,800 level, Ethereum has shown signs of returning bullish momentum. Accumulation addresses have increased their holdings, and technical indicators suggest a modest dominance in bullish momentum. However, Ethereum is facing challenges at higher levels, and the next few days will be crucial for its price direction. If bulls can push above the $1,820 resistance, ETH could target $1,880 and potentially $1,920. However, failure to maintain support levels could see the cryptocurrency retest lower support zones in the $1,700-$1,665 range.