Ethereum Stuck in Tight Range Amid Weak On-Chain Signals

Ethereum's price has been consolidating in the $1,800-$2,000 range over the past week due to weak on-chain signals. Exchange Netflow and Exchange Reserves metrics indicate a mild dominance of selling activity, with the latter remaining largely flat at 15.13 million ETH.

Contrary to this trend, US spot Ethereum exchange-traded funds (ETFs) recorded $244.9 million in net inflows last week, while seeing modest outflows of $8.9 million so far this week.

Retail wallets have been distributing 160K ETH since late April, while whale investors have been accumulating roughly 100K ETH over the past week.