• Ethereum shows signs of accumulation despite mixed short-term technical signals.
• Major resistance levels at $1,800 and $1,895 remain key to bullish momentum.
• DeFi stagnation and bearish fractals suggest caution despite long-term optimism.

Ethereum (ETH) is currently trading at $1,772.87, a 0.95% increase from the last 24 hours, while its 24-hour trade volume fell 6.78% to $15.47 billion. Over a seven-day period, however, ETH has seen an 11.41% increase to trade at $1,771.90 on average. The most current price action, however, indicates a complicated combination of uncertainty and expectation from traders and investors alike.

Technical indicators remain mixed. Ethereum hovers above its $1,750 support level but with weakening momentum. A bearish divergence on the MACD and a 1.82% daily loss on above-average volumes signal selling pressure. Yet, a high discovery rate of 84% and the 8.96% momentum reading reflect ongoing underlying strength.

The RSI at 57.61 remains neutral, while the ADX at 86.2 verifies the strong trend but is coupled with a negative crossover in the MACD. For bullish continuation, Ethereum needs to retake the $1,800 mark. Alternatively, a breakdown below $1,734 might initiate a further correction. Technical analysts suggest waiting for confirmation to go long, especially at the key $1,800 and $1,734 levels.

In a surprising show of faith, Ethereum just recorded its largest single-day accumulation inflow ever, 449,000 ETH, valued at approximately $786 million, entered accumulation addresses on April 22. This surge came even as prices dipped into the $1,400 range, pointing to long-term holder conviction rarely seen since 2018.

In spite of this milestone of accumulated amount, the prices of most of these addresses have a realized value of $1,981 and hence remain underwater, indicating the possibility of further downside. Nevertheless, the 10% increase in active addresses between April 20 and 20–22, from 306,211 to 336,366, puts bullish sentiment at the network level into perspective. The differences between the increasing network engagement and stagnant DeFi action, however, question the sustainability of the momentum.

Ethereum is at a key resistance area close to $1,895, where 1.64 million ETH was built up in November 2024. This area also coincides with the 50-day EMA, or traditional trend metric. A failure to clear this level may consolidate Ethereum’s current macro bearish trend.

Veteran trader Rektproof signaled a possible bearish fractal, matching previous setups that created significant price declines. If Ethereum cannot hold support, a retest of $1,400 becomes possible. For any possibility of bullish reversal, analysts confirm that a close above $2,142 on the daily timeframe is critical to break the existing lower high and lower lows structure.