In a significant shift of market behavior, Ethereum whales have accumulated ETH worth just over $234.8 million in a single day as the cryptocurrency approaches a critical support level. This substantial purchase, reported by crypto analytics platform IntoTheBlock on Thursday, marks a dramatic reversal from recent selling trends. “Ethereum whales are buying the dip, with the largest $ETH wallets adding over 130k ETH to their wallets yesterday,” the firm tweeted. This accumulation represents a stark turnaround after months of selling pressure. According to data from Sentiment highlighted by analyst Ali Martinez on April 2, whales had sold approximately 760,000 Ethereum over the past two weeks. This selling pattern included a notable transaction earlier this week when a long-dormant Ethereum wallet, inactive for seven years, liquidated its entire holdings from 2017, securing a profit exceeding $8.6 million. Notably, Ether’s market sentiment has remained predominantly bearish in recent weeks, with short-term holders selling at a loss. Several factors have contributed to recent selling pressure, including significant moves by the Ethereum Foundation (EF). According to a recent report by CoinGecko analysts, EF sales of ether typically cause immediate market reactions, with prices growing by an average of 1.3% over the subsequent seven days. However, in 47.6% of cases, these sales resulted in price decreases, while 52.4% led to increases, suggesting an inconsistent correlation between institutional selling and market performance. The Foundation’s selling activity has faced criticism from community members questioning the transparency of its financial operations and decision-making processes. In response to these concerns, the EF has recently shown signs of changing its approach, opening a multisig wallet on the Safe platform in January to participate in the DeFi ecosystem and subsequently transferring approximately $120 million worth of ETH to major DeFi protocols, including Aave, Spark, and Compound. Despite the price volatility, Ethereum’s ecosystem shows strength in other areas. In March, after six months, Ethereum reclaimed its position as the leader in decentralized exchange (DEX) trading volume, reaching $64.6 billion and surpassing Solana by 22%. Uniswap and Fluid have been major contributors to this success. That said, technical analysts are closely monitoring ETH’s price, which is currently sitting on a 5-year trendline that has acted as strong support multiple times in the past, within a potential triangle pattern. A bounce from these levels could propel the price toward the $3,900 resistance level. According to analyst Cryptolycus, “ETH is at a critical zone” with the strongest support level around $1,650. He noted that breaking below could signal a deeper correction toward the $1,500-$1,300 range. However, if Ethereum holds support and reclaims levels above $2,100, a bullish reversal could push prices above $3,500 by Q4 2025. “This is a MAKE-or-BREAK moment for Ethereum,” he stated. At press time, ETH was trading at $1,818, reflecting a 1.73% surge in the past 24 hours.
