NOIDA (CoinChapter.com) — Ethereum (ETH) continues to trade sideways near the $1,800 mark, underperforming peers despite a broader market rebound. As of April 29, ETH hovered near $1,821 with a modest 0.8% intraday gain. In contrast, assets like Solana and Sui posted stronger week-on-week advances, with Bitcoin also maintaining levels above $94,000.
This divergence reflects a cautious stance among ETH traders. While overall market sentiment has improved following easing trade tensions between the U.S. and China, Ethereum’s price action remains constrained by platform-specific factors.
Chief among them is persistent competition from faster and cheaper Layer 1 alternatives and the uncertainty surrounding scalability improvements promised in future network upgrades. CoinShares’ latest report confirmed $183 million in weekly inflows into Ethereum-linked investment products, supporting this narrative.
The asset now has $398 million in year-to-date inflows, placing it firmly behind Bitcoin but ahead of other altcoins. These flows mark a return of institutional capital after prolonged ETF outflows through Q1. Despite ETH’s flat price action, the token’s metrics reflect increasing confidence among informed market participants. Ethereum’s current consolidation phase could evolve into a breakout if these trends continue.
Whale Accumulation, Exchange Outflows, and ETF Flows Signal Strong Sentiment
A whale transaction caught attention on social media platforms like X. Crypto trader and analyst account Ash Crypto noted in an April 29 post that a whale acquired $54 million worth of ETH and $56.7 million in BTC through Wintermute OTC. Blockchain analysis platform Arkham surfaced the transaction.
Such large OTC purchases often indicate a long-term strategy by high-net-worth entities or institutions seeking minimal market impact. They typically reflect strong conviction and can precede directional market shifts.
The scale of this purchase aligns with rising accumulation patterns visible in recent on-chain data. Glassnode’s wallet balance distribution chart shows that addresses holding 10,000 to 100,000 ETH increased their positions significantly between Apr. 10 and Apr. 27.
This cohort had been reducing holdings earlier in the year but is now accumulating again, a potential inflection point signaling growing institutional confidence. Moreover, Ethereum’s Exchange Net Position Change metric remains deeply negative, supporting this trend.
Since mid-April, consistent outflows from centralized exchanges suggest that ETH is being moved to self-custody, decreasing short-term sell pressure. These outflows, at times exceeding 200,000 ETH per day, reinforce a broader accumulation phase among large investors.
Institutional sentiment has also flipped. ETH-linked investment products saw net inflows resume this week, following two months of persistent outflows. The convergence of large OTC purchases, whale wallet growth, exchange outflows, and ETF demand might hint at an accumulation narrative.
While ETH price remains flat, the underlying behavior of key market participants suggests positioning ahead of a potential breakout. Ethereum’s consolidation may mark the calm before a stronger upward move if these trends continue.
Ethereum Struggles Below Resistance As Bulls Attempt Recovery
The ETH USD pair traded near $1,830 on April 29, posting a modest 2.6% spike. The token continues to grind sideways just below key resistance levels, unable to break through despite broader accumulation signals.
ETH faces immediate resistance near $1,925, marked by the 0.618 Fibonacci retracement level. Flipping the immediate resistance would target the resistance near $2,072. Price remains capped below the 200-day EMA, which is descending and now sits above $2,164. Bulls must reclaim this level to confirm a shift in longer-term momentum.
On the downside, ETH has short-term support near $1,720, which aligns with the 0.382 Fib level. A breakdown below this level would expose the next support near the $1,590 mark. The zone has held strong since mid-April and is critical to maintain for bullish continuation. Below that, final major support rests around $1,390.
Volume remains weak, signaling a lack of conviction on either side. RSI hovered near 56, suggesting room for a move higher without entering overbought territory. However, lack of strong upside momentum continues to frustrate bulls.
Until ETH breaks above $1,925 with volume, upside remains capped. The broader trend remains uncertain, and the token may continue consolidating between $1,720 and $1,925 unless triggered by macro or on-chain catalysts.
