67,035,510,217,640.000 ETH bought, 305,000 sold: Is Ethereum preparing for a breakout?

Ethereum whales sold 305K ETH, while silent wallets accumulated 640K ETH.

The breakout of the descending wedge and the RSI point to a possible bullish setup.

Currency inflows suggest that short-term caution persists despite long-term accumulation.

Ethereum (ETH) remains caught between the accumulation of long-term holders and active short-term selling, as contradictory on-chain trends suggest a volatile path ahead.

Over the past week, approximately 305,000 ETH moved to exchanges, reinforcing the notion of persistent selling pressure. Analysts often consider inflows to exchanges as a precursor to liquidations, especially after price increases.

Despite this, Ethereum managed to limit losses. ETH fell 1% on Friday, hovering around the support level of $1,750. More than 1.11 million ETH entered these wallets. Almost half of the inflows occurred after Ethereum's brief price surge midweek.

Ethereum will celebrate its 10th anniversary on July 30, marking a decade since the Genesis block.

The technical setup of Ethereum adds another dimension to the story. Technical analyst Merlijn The Trader pointed out a breakout from a multi-month descending wedge pattern.

The Relative Strength Index (RSI) also confirmed the bullish move with a clean breakout, a signal that often precedes trend changes. According to Merlijn, the last time Ethereum experienced a similar situation, its price doubled within weeks.