Ethereum May Be in Accumulation Phase, On-Chain Data Hints at New Bull Cycle

BroadChain04/19/2026, 11:46 PM

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Summary

BroadChain learned that at 23:46 on April 19, according to NewsBTC, although the breakdown of US-Iran negotiations over the weekend slowed Ethereum's price rally, on-chain data shows the market structure remains largely unaffected. Analyst CryptoOnchain pointed out that the 365-day simple moving average of Ethereum's exchange net flow has dropped to its lowest level since May 2024, and a sustained downward trend is typically viewed as a bullish signal—this indicates investors are moving assets from exchanges like Binance to self-custody wallets for long-term holding. Historical data shows that whenever this metric hits extreme lows, it often precedes a macro uptrend for Ethereum. The current pattern strongly suggests the market is in an accumulation phase.

BroadChain has learned that at 23:46 on April 19, according to NewsBTC, although the breakdown of U.S.-Iran negotiations over the weekend slowed the rise in Ethereum's price, on-chain data shows that the market structure remains largely unaffected. Analyst CryptoOnchain pointed out that the 365-day simple moving average of Ethereum's net exchange flow has dropped to its lowest level since May 2024, and a sustained downward trend is typically seen as a bullish signal—indicating that investors are transferring assets from exchanges like Binance to self-custody wallets for long-term holding. Historical data shows that whenever this indicator hits extreme lows, it often foreshadows the start of a macro uptrend for Ethereum. The current pattern strongly suggests that the market is in an accumulation phase. If history repeats itself, the current bottom formation may lay the structural foundation for Ethereum's next major upward trend. As of press time, ETH is trading at approximately $2,353, down over 3% in the past 24 hours, but still up about 2% over the past seven weeks.