Ethereum Price Forecast: Whales resume accumulation as ETF flows remain strong

Ethereum price today: $2,680

• Whales returned to accumulation this week, scooping 260K ETH after a brief distribution last week.
• ETH ETFs continue their strong run, with a fourth consecutive day of net inflows worth $104.6 million.
• ETH bounces near 20-day EMA after a brief decline.

Ethereum whales have returned to accumulation after last week's modest distributions following the Clarity Act's failure to progress in the Senate.

Wallets with a balance of 10K-100K ETH offloaded 140K ETH within three days after Congress halted the legislation, according to CryptoQuant data. However, this cohort of investors has bounced back, scooping 260K ETH since Saturday.

Retail traders, meanwhile, have shown mixed activity. Wallets with a balance of 1K-10K largely held steady since last week before a slight 50K ETH distribution across the past two days.

On the other hand, investors holding 100-1K ETH continued their selling trend, offloading roughly 140K ETH since the Clarity Act's failure.

Broadly, exchange flow data shows withdrawals outpacing deposits over the past few days after last week's spike in inflows. The move indicates dip-buying mixed with modest profit-taking upon negative macro news.

The institutional front shows strength, with US spot ETH exchange-traded funds (ETFs) recording a fourth consecutive day of net inflow worth $104.63 million. BlackRock's ETHA and Fidelity's FETH continue to lead the pack.

Despite ETH's strength, the macro picture leaves room for caution. Brent crude rose nearly 3% on Thursday as talks between the US and Iran appear to have collapsed. Treasury yields continue to rise, with the US 10Y Note Yield rising above 5.15% for the first time since June 2007.

Ethereum technical outlook: ETH finds support near 20-day EMA

Ethereum recorded $74.5 million in liquidations over the past 24 hours, led by $44.4 million in long liquidations, according to Coinglass data.

ETH bounced near the 20-day Exponential Moving Average (EMA) as it continues to trade above both the short- and long-term averages. The 14-day Relative Strength Index (RSI) at 63 and the Stochastic Oscillator (Stoch) near 75 suggest firm but not extreme bullish momentum.

On the downside, initial support is seen at the recent horizontal floor around $2,626, ahead of the 20-day EMA at $2,564, followed by $2,544, which together form a near-term demand cluster. Further below, $2,431 and the 50-day EMA at $2,381 guard the pullback, before deeper supports at $2,242, $2,230 and $2,172.

On the topside, immediate resistance emerges at $2,786, followed by $2,894, while a more distant barrier awaits at $3,177, where buying pressure could start to fade if momentum indicators edge further into overbought territory.

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