Ethereum (ETH) Price: Whales Buy the Dip as Network Activity Hits 10-Year High

TLDR

• Ethereum whales bought 320K ETH over the past week while retail investors sold 210K ETH
• Network activity hit a 10-year high with 837,200 daily active addresses
• ETH is trading around $1,980–$1,990, struggling to break above $2,000
• US spot ETH ETFs returned to net inflows on Monday, pulling in $38.6 million
• Short positions on Binance have contracted, but ETH remains below key moving averages

Ethereum is hovering near $1,980, unable to push past the psychologically important $2,000 level despite a wave of whale buying and record network activity.

Over the past week, wallets holding between 10,000 and 100,000 ETH added 120,000 ETH on Sunday and Monday alone. Total whale net inflows for the week reached 320,000 ETH. At the same time, smaller wallets holding between 100 and 10,000 ETH sold off around 210,000 ETH.

US investors have stayed relatively calm. The Coinbase Premium Index, which tracks US buyer sentiment, held in positive territory. US spot ETH ETFs also returned to net inflows on Monday, recording $38.6 million with no outflows across all nine listed products.

On Binance, the dominance of short positions in ETH futures has contracted sharply over the week. This means fewer traders are actively betting on ETH falling from here.

On-Chain Activity at a 10-Year High

Santiment data shows Ethereum’s daily active address count reached 837,200, a 10-year high. That figure is up 82% compared to five years ago and up more than 1,100% from a decade ago.

New wallet creation is also up 64% over five years, sitting at around 284,800 new wallets per day. Historically, spikes in both metrics have lined up with longer-term growth phases for ETH.

Despite this, the price has not responded. ETH remains well below its 50-day EMA near $2,300 and its 200-day EMA near $2,945.

Price Levels to Watch

Ethereum recorded $78.3 million in liquidations over the past 24 hours. Of that, $48 million came from long positions being wiped out.

The RSI currently sits around 43, showing weak momentum but not oversold conditions. Key resistance levels sit at $2,020, $2,050, and $2,080. A break above $2,120 could open the door to $2,200.

On the downside, support sits near $1,960, then $1,932. A drop below $1,895 could push ETH toward $1,850 or even $1,820.

Glassnode data shows heavy accumulation around $1,800, with roughly 1.23 million ETH purchased at an average price of $1,890 over the past 30 days.

CoinGlass data shows long liquidation risk is concentrated between $1,900 and $1,950. Short liquidation pressure builds above $2,000.

ETH’s current price of approximately $1,990 sits directly inside this tight volatility band.

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