On April 22, Ethereum saw a record 449,000 ETH flow into accumulation addresses, marking the highest single-day inflow in Ethereum’s history. This surge, valued at approximately $1,750 per $ETH , signals strong conviction from long-term holders despite recent price declines.
However, many of these holders remain underwater, with the realized price for accumulation addresses sitting at $1,981—above the current market price. This suggests that while optimism is strong, many are still holding at a loss.
Ethereum's onchain activity showed positive momentum, with active addresses increasing by 10% in two days. But despite this, DeFi activity remains weak, with DEX volumes staying flat at around 1.3M transactions weekly.
Looking ahead, Ethereum faces key resistance at the $1,895 level, where a large concentration of supply could trigger selling pressure. If Ethereum fails to break above this resistance and the 50-day EMA, bearish momentum may continue. Analysts warn of an emerging bearish fractal that could push ETH prices below $1,400 again.
With Ethereum still in a broader downtrend, a daily close above $2,142 remains crucial for a potential bullish recovery.
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