Recent on-chain data indicates a notable increase in Ethereum (ETH) accumulation among wallets holding between 10,000 to 100,000 ETH, reflecting a resurgence of institutional confidence following a period of reduced holdings earlier this year.

On April 29, a significant transaction involving $54 million worth of ETH was recorded, suggesting that high-net-worth investors maintain a long-term bullish outlook.

Since mid-April, there have been consistent outflows from centralized exchanges, with over 200,000 ETH being moved to self-custody daily, which reduces short-term selling pressure.

A report from CoinShares revealed that Ethereum-linked investment products experienced $183 million in weekly inflows, contributing to a total of $398 million in year-to-date inflows, signaling a revival of institutional interest after outflows in the first quarter.

The recent resurgence in net inflows into ETH-linked investment products supports the narrative of accumulation, alongside large over-the-counter purchases and growth in whale wallets.

Despite these positive indicators, the current trading volume remains weak, suggesting a lack of conviction in the market, while the Relative Strength Index (RSI) near 56 indicates potential for upward movement without entering overbought territory.

For ETH, immediate resistance is identified at $1,925, with further targets at $2,072; critical support levels are at $1,720 and $1,590, emphasizing the necessity for a price breakout above $1,925 to shift momentum towards a bullish trend.

Even as the broader market rebounds due to improving U.S.-China trade relations, ETH's price is affected by competition from faster Layer 1 alternatives and ongoing uncertainty surrounding scalability upgrades.

As of April 29, 2025, ETH is trading around $1,821, reflecting a modest gain of 0.8%, although it is underperforming compared to other cryptocurrencies like Solana and Bitcoin.

Despite the stagnation in ETH's price, underlying metrics suggest that market participants are positioning themselves for a potential breakout, as consolidation patterns often precede upward momentum.