Ethereum (ETH) Price: Smart Money Loads Up While Retail Investors Flee

TLDR

• Ethereum hit a low of $1,750 on March 11, its lowest point since November 2023
• ETH is currently trading around $1,900, testing a key downward-sloping resistance trendline
• Analyst predicts potential breakout with $2,596 price target if ETH breaks above resistance
• Whales holding 10,000-100,000 ETH increased their holdings by over 12% in early 2025
• ETH network activity has slowed with median gas prices dropping nearly 50 times since early 2024

Ethereum has experienced significant selling pressure in recent weeks, pushing its price below the $2,000 mark. The second-largest cryptocurrency by market cap reached a low of $1,750 on March 11, marking its lowest point since November 2023. However, technical analysis suggests a potential bullish reversal may be on the horizon.

After weeks of downtrend, Ethereum broke below the important $2,000 level on March 10. This breakdown caused many investors to exit their positions. The price continued to fall until reaching the $1,750 support level.

Since hitting that low, Ethereum has shown signs of recovery. It has rebounded to around $1,900 at the time of writing. This recovery has brought ETH back to a key downward-sloping resistance trendline.

This resistance level has acted as a barrier during brief upward movements throughout the recent downtrend. Technical analysts are now watching this level closely. A breakout above this resistance could trigger a rally toward higher price targets.

According to a TradingView analyst, a confirmed breakout above $1,885 would present an ideal entry point for traders. The analyst has set a price target of $2,596 if Ethereum successfully breaks above the resistance trendline.

The analysis recommends placing a stop loss at $1,700 to manage risk. This setup offers a favorable risk-reward ratio for traders looking to capitalize on a potential ETH rally. Increased trading volume would help confirm a genuine breakout.

While Ethereum reached an intra-day high of $1,950 before rejecting, it continues to test the resistance level. There remains a possibility of another push upward in the next 48 hours.

Ethereum holders have been accumulating

Interestingly, on-chain data from Nansen reveals that large Ethereum holders have been quietly accumulating during this period of price stagnation. This accumulation pattern contradicts the behavior of smaller holders.

Whales holding between 10,000 and 100,000 ETH have increased their holdings by over 12% in early 2025. Meanwhile, investors holding between 1,000 and 10,000 ETH have only increased their positions by about 3% year-to-date.

This whale accumulation comes despite Ethereum’s price dropping over 44% this year. The contrast between whale buying and retail selling could indicate a divergence in market outlook between large and small investors.

At the same time, Ethereum’s network activity has slowed. Median gas prices have reportedly fallen nearly 50 times since early 2024. Some network activity appears to have shifted to Solana and layer-2 networks.

Ethereum faces growing competition

Ethereum faces growing competition in the blockchain space. Nansen analysts note that the network is “competing on all fronts and risks being a ‘jack of all trades but master of none'” when compared with Bitcoin, Solana, and Celestia.

Despite the accumulation from whales, the broader trend for Ethereum remains uncertain. Nansen reports that ETH has shown “severe underperformance on both the way up and the way down” compared to other major cryptocurrencies.

For Ethereum to reverse its long-term downtrend against Bitcoin, “significant changes would need to occur,” according to Nansen analysts. However, no clear near-term catalyst has emerged that could shift market sentiment.

Currently trading at $1,895, Ethereum sits at a critical juncture. The next few days could determine whether it will break above resistance and begin a recovery or continue its downward trend.