TLDR
- A whale accumulated 89,396 ETH worth ~$164.88 million over three days
- ETH fell 3.6% in 24 hours, trading near $1,823 at time of writing
- US sentiment remains negative despite ETH ETF inflows of $68M this week
- Active addresses hit their lowest level since December despite rising transaction counts
- Analyst Michaël van de Poppe sees ETH heading to $2,200–$2,400 if $1,780 holds
Ethereum is trading near $1,823 after a 3.6% drop over 24 hours. The price attempted a rebound to $1,944 three days ago but was rejected, pulling back to $1,819 before a slight recovery.
Despite the dip, whale activity has picked up. On-chain tracker Lookonchain reported that two newly created wallets withdrew 20,000 ETH from Coinbase Prime in two batches of 10,000 ETH, worth $37.72 million. The same whale had bought 30,000 ETH worth $57.6 million on July 16, bringing its three-day total to 89,396 ETH valued at approximately $164.88 million.
CryptoQuant’s Spot Average Order Size confirmed large whale orders for seven consecutive days. However, the data captured both buying and selling, so it confirmed whale participation without pointing to a clear direction.
CoinGlass data showed Ethereum’s Spot Netflow remained negative for two consecutive days, sitting at -$23.6 million versus -$49 million the previous day. Net outflows continued but slowed.
Weak Signals Under the Surface
US spot ETH ETFs are on track to close the week with $68 million in net inflows from Monday to Thursday. Exchange reserves have also dropped by 253,000 ETH since July 5, suggesting investors are moving coins to self-custody.
ETF FLOWS: US SPOT CRYPTO ETFs FLOWS DATA UPDATE (17-07-2026) YESTERDAY
🟩 Bitcoin ETFs: +2,065 $BTC (+$132.30M)
🟩 Ethereum ETFs: +19,940 $ETH (+$36.73M)
🟥 HYPE ETFs: -90.87K $HYPE (-$5.45M)
🟩 $DOGE, $LINK, $BNB, $AVAX, $DOT, $HBAR , $LTC, $XRP, $SOL Flows Was Zero.TOTAL US… https://t.co/OJCQThZG56 pic.twitter.com/cvNBFllZkp
— Crypto Patel (@CryptoPatel) July 18, 2026
But the Coinbase Premium Index, which tracks US buyer sentiment, remains in negative territory. Active addresses on the Ethereum network have fallen to a 14-day SMA of 397,000 — their lowest since December — even as transaction counts hit a new high of 2.65 million.
Total staked ETH has reached a record 40.93 million ETH. However, most of that growth came from a single entity, treasury firm BitMine Immersion, which staked 4.9 million ETH since December.
Price Levels to Watch
The Balance of Power indicator fell from 0.93 to -0.61, showing sellers are in control of short-term price action.
On the daily chart, Ethereum is holding above its 20- and 50-day EMAs at $1,791 and $1,812. Key resistance sits at $1,909, then $1,942 and $2,018. Support is at $1,806, with deeper levels at $1,741 and $1,524.
Crypto analyst Michaël van de Poppe (@CryptoMichNL) said on X that ETH reaching $2,000 in the near future is “incredibly more likely,” citing a new upward trend and support holding at $1,780. He set his next targets at $2,200–$2,400, adding that the situation “shouldn’t be overcomplicated.”
It's incredibly more likely that we'll start to see $ETH at $2,000+ in the near future.
The asset is running a new upwards trend and flipping previous resistance levels for support.
I don't think things should be overcomplicated, and on the lower timeframe levels, it's clearly… pic.twitter.com/h7OAoppiec
— Michaël van de Poppe (@CryptoMichNL) July 18, 2026
ETH recorded $91.4 million in liquidations in the past 24 hours, with $61 million from long positions.
