TLDR
- Ethereum (ETH) is currently facing a bearish trend, trading around $1,777
- Whale accumulation has been increasing despite price decline from $3,350 to $1,700
- Analysts see similarities between current ETH patterns and 2020’s pre-rally behavior
- Some predict ETH could “explode” in Q2 2025 while others warn of further drops to $1,200-$1,300
- Major institutional investors have moved millions worth of ETH back to exchanges in the past 24 hours
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is currently experiencing a challenging period with its price under pressure. The cryptocurrency has seen a significant price drop following US President Donald Trump’s tariff announcement, which sent ripples across the entire crypto market.
The price of ETH has tumbled by approximately 5% in recent trading, putting it at risk of setting fresh cycle lows in the $1,700 range. At press time, Ethereum trades at $1,777, representing a 5% decrease in the past 24 hours.
Despite the current negative sentiment surrounding Ethereum, some analysts remain optimistic about its future prospects. Crypto analyst Mister Crypto suggests that ETH may soon experience a sharp momentum shift. In a recent social media post, the analyst noted that while retail investors might have abandoned ETH, large investors – commonly referred to as whales – continue to maintain their positions.
Retail has given up on Ethereum.
But whales haven't.$ETH WILL EXPLODE IN Q2! pic.twitter.com/QIApJYa4Qf
— Mister Crypto (@misterrcrypto) April 3, 2025
Mister Crypto highlighted striking similarities between ETH’s current price action and its trajectory from 2020. The analyst suggested that if history repeats itself, ETH could see strong bullish momentum in Q2 2025.
Whale Accumulation Trends
This perspective is echoed by another analyst, CryptoGoos, who argues that ETH is “extremely undervalued” at its current price levels. CryptoGoos shared data illustrating how ETH whales are accumulating the asset at a record pace.
Ethereum is extremely undervalued.
The whales are aware of this fact.
They're accumulating more $ETH at record pace.
Follow the smart money. pic.twitter.com/2qu8Buk1bR
— CryptoGoos (@crypto_goos) April 2, 2025
The data reveals that wallets holding between 10,000 and 100,000 ETH have been accumulating at an accelerated rate since early 2025. This accumulation trend continues despite ETH’s decline from approximately $3,350 on January 1 to around $1,700 currently.
Another whale recently acquired nearly 6,500 ETH, spending 11.5 million USDC. This significant purchase could have helped keep the price above crucial support levels.
Analyst Crypto Caesar noted that ETH is likely approaching a bottom, as it is currently trading near the same price level it held four years ago. However, he cautioned that if ETH breaks below its current support, it could decline further to the $1,200 range.
Institutional Movement Raises Concerns
While whale accumulation suggests long-term optimism for ETH, recent institutional activity has raised some concerns. New on-chain data reveals that substantial amounts of ETH have been transferred back to exchanges in the past 24 hours.
According to data shared by The Data Nerd, an on-chain data provider, several major players have moved their ETH holdings to exchanges. Grayscale deposited 16,247 ETH (worth $28.63 million), Blackrock moved 10,000 ETH (worth $17.94 million), and Wintermute transferred 34,634 ETH (worth $62.9 million).
Additionally, Andre Cronje deposited 2,000 ETH (worth over $3.44 million), and James Fickle moved 2,350 ETH (worth $4.19 million) to exchanges. These large movements of ETH to exchanges could potentially create selling pressure on the market.
Technical Analysis and Price Predictions
From a technical standpoint, Ethereum has been trading within a range-bound pattern as investors remain uncertain about future price movements. The token is currently approaching the tip of a falling wedge pattern on daily charts, which some technicians suggest could trigger a breakout toward immediate resistance levels.
However, some indicators paint a different picture. The Accumulation/Distribution metric suggests that distribution of the token is ongoing, and the price may begin to rise once accumulation resumes. Meanwhile, the Relative Strength Index (RSI) remains consolidated within the lower bands, indicating a drop in the strength of the rally.
Some analysts warn that further downside may be imminent before a potential recovery. Crypto market expert Cryptododo7 predicts that ETH may target bearish levels around $1,130 to $1,200.
In a similar cautionary note, analyst CryptoBullet highlighted that ETH has now touched the 300-week moving average for only the second time in its history – an event that has historically signaled a bearish trend.
Despite these warnings, market commentator Titan of Crypto recently stated that ETH is still on track to reach new all-time highs later this year.
The coming weekend may bring increased volatility for Ethereum, potentially offering buying opportunities for investors with a long-term outlook.
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