Ethereum price today: $1,760
Ethereum accumulation addresses have purchased over 1.11 million ETH in the past week.
The steady decline in ETH net taker volume indicates that short traders are experiencing seller exhaustion.
Ethereum exchanges saw net inflows of 178,900 ETH on Thursday as investors booked profits from its recent price rise.
ETH bears continue to apply pressure at $1,800 and the 50-day SMA hurdle.
Ethereum's net taker volume also paints a similar picture. Net taker volume shows the difference between futures contracts' buying and selling volume.
While shorts have dominated ETH futures in the past six months, the negative net taker volume has been reducing steadily since January despite ETH's price falling significantly during the period. This indicates sellers are gradually seeing exhaustion, putting the price drop to $1,473 on April 11 as a potential price bottom.
