Simple question, is it possible to achieve this query this with Entity Framework when updating one entity?
update test set value = value + 1 where id = 10
Not really under this form no.
You will have to select all entities that match your criteria, foreach over them and update them.
If you are looking for something that will do it right in the DB because your set could be huge, you will have to use SQL directly. (I don't remember if EF has a way to execute UPDATE queries directly the way Linq To SQL does).