Key HighlightsMajor whale acquired 89,396 ETH valued at approximately $164.88 million across three daysEthereum declined 3.6% in the last 24 hours, currently hovering around $1,823US market sentiment stays bearish even with $68M in ETH ETF inflows recorded this weekNetwork active addresses dropped to December lows while transaction volume surged to record highsCrypto analyst Michaël van de Poppe projects ETH could reach $2,200–$2,400 with $1,780 support intactEthereum currently trades around $1,823 following a 3.6% decline in the past day. The cryptocurrency pushed toward $1,944 three days earlier but faced resistance, retreating to $1,819 before staging a modest bounce.Ethereum (ETH) PriceWhile prices declined, significant whale movements emerged. Blockchain monitoring service Lookonchain identified two freshly established wallets that pulled 20,000 ETH from Coinbase Prime across two separate 10,000 ETH transactions totaling $37.72 million. This same whale entity had previously acquired 30,000 ETH valued at $57.6 million on July 16, pushing its three-day accumulation to 89,396 ETH worth roughly $164.88 million.Data from CryptoQuant’s Spot Average Order Size indicator revealed substantial whale-sized orders occurring for seven straight days. That said, the metric captures both buy and sell orders, confirming heightened whale activity without indicating directional bias.According to CoinGlass analytics, Ethereum’s Spot Netflow stayed negative for the second consecutive day at -$23.6 million compared to -$49 million previously. This indicates ongoing but decelerating net outflows from exchanges.Source: CoinglassMixed Network FundamentalsUS-based spot Ethereum ETFs are poised to finish the week with $68 million in combined net inflows spanning Monday through Thursday. Exchange reserves have simultaneously decreased by 253,000 ETH since July 5, indicating investors are transferring holdings to personal wallets.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, 2026Despite these positive signals, the Coinbase Premium Index—which measures US institutional demand—continues trading in negative territory. Ethereum network active addresses have contracted to a 14-day simple moving average of 397,000, marking the lowest reading since December, even while daily transactions climbed to an all-time high of 2.65 million.The amount of staked ETH has climbed to an unprecedented 40.93 million ETH. Much of this increase, however, stems from a single participant: treasury management firm BitMine Immersion, which has staked 4.9 million ETH since December.Technical Outlook and Key LevelsThe Balance of Power indicator shifted dramatically from 0.93 to -0.61, signaling that sellers currently dominate near-term price momentum.Looking at the daily timeframe, Ethereum maintains its position above the 20- and 50-day exponential moving averages positioned at $1,791 and $1,812 respectively. Immediate resistance appears at $1,909, followed by $1,942 and $2,018. Downside support levels include $1,806, with stronger zones at $1,741 and $1,524.Prominent crypto trader Michaël van de Poppe (@CryptoMichNL) stated on X that Ethereum hitting $2,000 soon is “incredibly more likely,” pointing to an emerging uptrend and solid support maintaining at $1,780. He outlined subsequent price targets between $2,200 and $2,400, emphasizing that the market structure “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, 2026Over the past 24 hours, ETH saw $91.4 million in total liquidations, with long positions accounting for $61 million of that figure.The post Ethereum (ETH) Price Retreats 7% as Whale Accumulates $165M — Recovery Ahead? appeared first on Blockonomi.