Key Takeaways
- Large holders accumulated 320K ETH in the past week while smaller investors offloaded 210K ETH
- Daily active addresses on the network reached 837,200, the highest in 10 years
- ETH price remains around $1,980–$1,990, facing resistance at the $2,000 mark
- Spot Ethereum ETFs in the United States saw net inflows of $38.6 million on Monday
- Binance short positions have declined, yet ETH trades below critical moving averages
Ethereum continues trading near $1,980, struggling to breach the significant $2,000 resistance level even as large holders increase positions and on-chain metrics reach historic highs.
During the previous seven days, addresses containing 10,000 to 100,000 ETH accumulated 120,000 coins on Sunday and Monday combined. Total net accumulation by these major holders reached 320,000 ETH throughout the week. Simultaneously, smaller addresses holding 100 to 10,000 ETH distributed approximately 210,000 ETH.
American market participants have maintained steady sentiment. The Coinbase Premium Index, measuring buying pressure from US traders, remained positive. Spot Ethereum ETFs in the United States also reversed their trend on Monday, attracting $38.6 million in net inflows with zero outflows reported across all nine available products.
On the Binance platform, short position dominance in ETH futures markets has decreased substantially throughout the week. This indicates reduced bearish positioning among derivatives traders.
Network Engagement Reaches Decade Milestone
Data from Santiment reveals Ethereum’s daily active addresses climbed to 837,200, marking the highest level in ten years. This represents an 82% increase compared to the five-year average and exceeds decade-old figures by more than 1,100%.
Daily new wallet creation has similarly increased 64% over the past five years, currently averaging 284,800 new addresses daily. Historical patterns indicate such surges in these metrics often correlate with extended bullish phases for Ethereum.
However, price action hasn’t reflected this increased activity. ETH continues trading significantly below its 50-day exponential moving average around $2,300 and its 200-day EMA near $2,945.
Critical Price Zones
Ethereum experienced $78.3 million in liquidations during the last 24 hours. Long positions accounted for $48 million of these forced closures.
The Relative Strength Index currently reads approximately 43, indicating subdued momentum without reaching oversold territory. Immediate resistance levels appear at $2,020, $2,050, and $2,080. A successful push above $2,120 could clear the path toward $2,200.
For support, initial levels exist near $1,960, followed by $1,932. A breakdown beneath $1,895 might accelerate selling pressure toward $1,850 or potentially $1,820.
Glassnode analytics indicate substantial accumulation around the $1,800 level, with approximately 1.23 million ETH acquired at an average entry price of $1,890 during the past 30 days.
CoinGlass information reveals long liquidation clusters concentrated between $1,900 and $1,950. Short squeeze potential intensifies above the $2,000 threshold.
ETH’s present trading price near $1,990 places it squarely within this compressed volatility zone.