- Ethereum’s Spot Netflow stayed negative for seven days, signaling steady accumulation across investor segments.
- Market makers have re-entered with accumulation-heavy activity, hinting at structural support for an upward move.
Ethereum [ETH] continued to trade sideways, but beneath the surface, momentum appeared to be building.
While market players had taken a step back as the market stagnated, on-chain data indicated the Ethereum ecosystem is more active than ever before.
ETH market makers are back in the game
Source: X
As such, Aphractal founder Joao Wedson observed that Ethereum market makers had returned with force.
According to his Wyckoff-based analysis, both accumulation and distribution patterns were playing out in tandem, but accumulation appeared to dominate.
Source: CoinGlass
Of course, this wasn’t just speculation.
Ethereum is seeing strong accumulation from all market participants. For starters, Ethereum’s Spot Netflow stayed negative for a full week, confirming consistent outflows from exchanges.
Source: IntoTheBlock
This indicates that there are more buyers than sellers in the market. Currently, there are buyers of all sizes; for instance, Ethereum whales are also making aggressive purchases.
The Large Holders Netflow to Exchange Netflow Ratio also backed this view. It dropped sharply from 4.28% to 0.62%, implying whales had pulled back from exchange activity.
This implies that whales are not selling Ethereum instead, they are buying.
Source: CryptoQuant
Increased buying activity has seen buyers dominate the market over the past day. Thus, the ETH Taker Buy-Sell Ratio turned positive.
A positive ratio here suggests that investors in the market are mostly buying. As such, there are more buy orders executed with buyers lifting offers reflecting strong accumulation across the market.
Can ETH finally breakout?
As observed above, Ethereum is experiencing significant accumulation, setting the altcoin up for a major move. Thus, the longer this accumulation lasts, the bigger the move will be.
A breakout above $2,660 would open the door to $2,830—an area stacked with high liquidity, which could attract aggressive moves.
Source: Alphractal
However, Ethereum must clear this zone with conviction. If it does, the next key resistance sits at $3,000.
To keep this setup alive, bulls must defend the $2,556 support. A breakdown below this level could invalidate the bullish thesis.
