Ethereum’s recent trading activity shows large-scale selling by whales and substantial accumulation by dormant wallets. Although technical signals hint at a possible bullish momentum, significant exchange inflows raise caution. With an upcoming anniversary, Ethereum remains in a precarious position between selling pressure and accumulation as it approaches potential volatility ahead.
In the cryptocurrency world, Ethereum (ETH) appears to be at a crossroads. Recent activity on-chain shows a tug-of-war between long-term holders accumulating ETH and short-term traders who are offloading it. This messy balance suggests a potentially rocky path for Ethereum as market sentiment continues to shift, creating volatility.
Whales, or large-scale investors, have recently sold off a whopping 63,000 ETH in just 48 hours, as highlighted by analyst Ali Martinez. In total, around 305,000 ETH was sent to exchanges over the past week, a move that points to ongoing selling pressure. Such inflows to exchanges are often perceived as a sign of impending liquidations, especially following price rallies. Despite this, Ethereum only saw a slight dip of 1% on Friday, floating around the key support level of $1,750.
Meanwhile, contrasting this selling pressure, many dormant addresses, which are wallets never previously used to spend ETH, have seen an uptick in accumulation. Analyst Crypto Patel notes that over 640,000 ETH have moved into these wallets recently—marking the largest inflow since 2018. Data from CryptoQuant backs this up, showing over 1.11 million ETH flowed into accumulation addresses between April 17 and 23, with much of the influx occurring after a brief price rally.
Technical indicators also add an intriguing layer to Ethereum’s story. Analyst Merlijn The Trader has flagged a breakout from a falling wedge pattern spanning several months. Coupled with a bullish breakout seen in the Relative Strength Index (RSI), there’s a hint of potential positive momentum. Historically, Ethereum’s price has seen significant gains following similar setups. However, traders are rightly cautious amid ongoing uncertainties.
Exchange netflow data further enlightens this situation. There’s evidence that participants in the Ethereum market are still carrying caution, as CryptoQuant noted one of the largest single-day net inflows of 2025 recently—over 178,900 ETH worth about $317 million moved to exchanges. Such metrics generally indicate selling intent, showcasing the mixed behaviour of the market. Some traders are quietly accumulating, while others are using price increases to liquidate at minimal losses.
Despite the turbulence, there are signs of seller fatigue. Ethereum’s net taker volume, which tracks the difference between buying and selling in futures contracts, has been on a steady decline since January. Though shorts have dominated ETH’s futures market for months, this persistent decrease hints at waning selling pressure. Even when prices dipped to $1,473 on April 11, the slowdown in selling suggests a possible medium-term bottom may be nearing.
Adding to the intrigue, Ethereum is gearing up to celebrate its 10th anniversary on July 30, having launched with the Genesis block a decade ago. The Ethereum Foundation is planning global meetups, on-chain artifacts, and a live stream event to commemorate the occasion. While this anniversary likely won’t drive immediate price changes, it certainly brings an emotional narrative to the table regarding Ethereum’s future.
All in all, the combination of a potential technical breakout, significant accumulation by long-term holders, and diminishing selling pressure paints a picture of bullish prospects. Yet the continued inflow of ETH to exchanges and recent whale activity suggest there’s still a risk of bearish movement. As this battle unfolds between accumulation and selling, Ethereum’s price is poised for continued volatility in the near term.
