Ethereum Price Forecast: Whale accumulation continues, but US interest declines

Ethereum price today: $2,160

• Whales are accumulating ETH heavily from exchanges, with their collective balance jumping by 850K ETH over the weekend.
• US investor sentiment around ETH has weakened following declines in the Coinbase Premium and sustained ETF outflows.
• ETH continues to face obstruction at the 50-day EMA resistance.

Ethereum (ETH) whales have accelerated their accumulation of the top altcoin over the past few days. According to data cited by smart money tracker Lookonchain, several wallets have been withdrawing ETH from exchanges over the past 24 hours.

Four whale wallets withdrew 64,763 ETH from Binance and Bitget on Tuesday. Another wallet, suspected to be BitMine's, withdrew 67,111 ETH from Kraken. Some other key whales are opening long positions on ETH on Hyperliquid.

A similar trend is evident across wallets holding 10K-100K ETH, which saw an 850K ETH jump in their collective balance over the weekend.

The Exchange Netflow, which measures the difference between coins flowing in and out of crypto exchanges, shows that a majority of that spike stemmed from withdrawals from the OKX exchange. On the flip side, such a spike coming just from one entity could be an exchange wallet migration rather than whale accumulation.

Meanwhile, retail investors or wallets holding 100-1K and 1K-10K ETH, who have been selling steadily in the past few weeks, saw minimal changes in their balance over the past week.

Similarly, takers or investors who execute trades using market orders have been leaning bullish, with the Net Taker Volume on ETH futures hitting +$133 million over the past few days.

The reduced selling activity from the retail cohort, whale accumulation and positive taker volume indicate sentiment around the top altcoin is gradually improving.

However, the Coinbase Premium Index, a measure of US investors' sentiment, has flipped negative again, signaling weak interest from traders in the region. In addition, US spot ETH exchange-traded funds (ETFs) are on a five-day outflow streak, according to SoSoValue data.

ETH is likely to remain rangebound until bullish sentiment aligns across all key metrics.

Ethereum Price Forecast: ETH is struggling to break above 50-day EMA hurdle

Ethereum saw $55.1 million in liquidations over the past 24 hours, led by $41.7 million in short liquidations, per Coinglass data.

In the daily chart, ETH trades near $2,160. The near-term bias is mildly bullish as price holds above the 20-day Exponential Moving Average (EMA) near $2,120, while edging away from the cluster of prior closes around $2,050.

The 20-day EMA has turned higher and begins to separate from the flattening 50-day EMA above $2,190, signaling recovering short-term momentum within a still-broken broader downtrend defined by the distant 100-day EMA near $2,455.

The Relative Strength Index (RSI) around 53 confirms modest upside pressure rather than overbought conditions. At the same time, the declining Stochastic Oscillator (Stoch) near the low 40s suggests the recent brief surge has transitioned into a consolidation phase rather than an outright reversal lower.

Immediate support is located around $2,108, where the horizontal level aligns just below the 20-day EMA and recent swing area, with secondary support at $1,741 if sellers force a deeper retracement. A sustained break below $2,108 would expose that lower band and undermine the emerging bullish bias.

On the upside, ETH continues to face resistance at the 50-day EMA, followed by hurdles near $2,390 and $2,746. A daily close above $2,390 would open the way toward that higher resistance band and signal an extension of the current recovery leg.

(The technical analysis of this story was written with the help of an AI tool.)