Despite bearish price action and volatile market outlook, Ethereum quietly returns to the hands of crypto whales.
Prices are slipping and technical indicators show a downward trend, but major wallets are quietly scooping up ETH in large quantities. This is the movement analysts are asking.
Whales are accumulating $eth!
The Metalpha-linked wallet has withdrawn $29,000 ETH (48.73m) from #Binance since April 1st.
0xd81e has withdrawn $46,577$ETH ($97.26M) from #Gateio since February 15th.
0x6034 has withdrawn 10,091$ETH ($18.8m) from #bybit since March 12th.
– lookonchain (@lookonchain) April 18, 2025
On-chain data provider LookonChain highlighted several massive ETH withdrawals from the exchange. Addresses linked to Metalpha have moved 29,000 ETH (approximately 48.7m) separately from Binance since April 1st.
Related: Four bullish reasons that could quickly turn the crypto market over
Why are whales buying ETH now?
Perhaps one reason is the Pectra upgrade, a network update scheduled to be rolled out by May 2025. According to Ethereum researcher Justin Drake, Pectra doubles the “blobspace” of the network, increasing efficiency and significantly increases Ethereum’s burn rate.
Increased burn rates could potentially revive ETH’s deflationary narrative, historically related to price growth. Pectra could counter economic changes from the Deneb (Dencun) upgrade, which increased supply of ETH while lowering gas prices.
Too many coins in circulation and inadequately used coins have become an overload that cuts the price action. Meanwhile, Pectra can readjust what is a classic set-up for the rally by increasing demand and reducing supply.
Ethereum price analysis
Ethereum prices have not shown any major changes recently and remain in the downtrend that began in December. So far, price movements have largely followed a correction pattern. Recent meetings and pullbacks are formed with a three-wave structure, indicating that there is usually no clear trend direction.
At this time, Ethereum is trading sideways between a support level of $1,580 and a resistance level of $1,687.
Source: MoreCryptoonLine
Related: Girlinghouse shoots rumors about the 2025 IPO. Analysts are still bullish on XRP
A break above $1,618 is an early sign of a low formation and a new rally could be underway. If that happens, the next possible target would be around $1,925. Until then, the market remains uncertain and there is no strong signal that a trend reversal is underway.
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