ETH Hits Record Accumulation, Is It a Sign of Rebound or a Precursor to Decline?
On April 22, Ethereum accumulation addresses saw a daily inflow of 449,000 ETH, setting a new historical high, with an average purchase price of $1,750. The inflow participants are mostly in a loss position, with actual costs at $1,981.
On-chain data indicates that the past 10 days have been the most intensive accumulation window since 2018.
Is this seemingly a bottom signal? The truth is not that simple.
📉 DeFi Still in a Recession:
DEX trading volume averages only 1.3 million transactions per week, with capital activity far below the peaks of 2021-22. Although the number of active addresses on the network has increased by 10%, it still hasn't stimulated ecological recovery.
⚠️ Key Pressure and Fractal Risks Coexist:
$1,895 is a dense chip pressure zone, with 1.64 million ETH accumulated around this level, which could likely form short-term hedging selling pressure;
Technical Suppression: The dual pressure of the 50-day EMA and the downward trend line. If the daily close cannot rise above $2,142, it will maintain a bearish structure; ETH is replicating the “bearish fractal” from the 2022 peak. If this continues, it could potentially break the $1,400 support line.
Capital inflow ≠ Reversal Confirmation. Currently, the ETH long-short game remains tense, and buyers need to be wary of the “loss accumulation trap.”
