TLDR
ETH price has dropped to around $1,700-$1,777, down about 5% in 24 hours
Large investors (“whales”) are accumulating ETH despite price decline
Current price patterns show similarities to ETH’s 2020 trend reversal
Some analysts predict a parabolic rally in Q2 2025
Technical resistance levels exist at $1,820-$1,850, with support at $1,750
The crypto market experienced a sharp decline following US President Donald Trump’s reciprocal tariff announcement. This market-wide drop wiped out over $140 billion in value within 24 hours.
Ethereum was not spared in this downturn. The second-largest cryptocurrency by market capitalization tumbled by 5%.
ETH is currently trading at approximately $1,777. This represents a significant decline from its January 1st price of around $3,350.
The cryptocurrency is now at risk of setting fresh cycle lows in the $1,700 range. Some analysts warn it could potentially drop further to the $1,200 range if current support levels fail.
ETH is now trading below both the $1,820 level and the 100-hourly Simple Moving Average. This technical position indicates continued bearish pressure in the short term.
Whale Accumulation Suggests Long-term Optimism
Despite the negative market sentiment, large investors — commonly referred to as “whales” — have been actively accumulating Ethereum.
Data reveals that wallets holding between 10,000 and 100,000 ETH have been increasing their holdings at an accelerated rate since early 2025.
Analyst CryptoGoos shared charts showing this whale accumulation trend. The analyst argues that ETH is “extremely undervalued” at its current price levels.
Ethereum is extremely undervalued.
The whales are aware of this fact.
They’re accumulating more $ETH at record pace.
Follow the smart money. pic.twitter.com/2qu8Buk1bR
— CryptoGoos (@crypto_goos) April 2, 2025
This accumulation pattern is particularly noteworthy because it continues despite ETH’s price decline throughout 2025.
Historical Patterns Point to Potential Recovery
Crypto analyst Mister Crypto suggests that ETH may soon experience a sharp momentum shift. The analyst draws parallels between ETH’s current price action and its 2020 trajectory.
According to Mister Crypto, if history repeats itself, ETH could see strong bullish momentum in Q2 2025.
Retail has given up on Ethereum.
But whales haven’t.$ETH WILL EXPLODE IN Q2! pic.twitter.com/QIApJYa4Qf
— Mister Crypto (@misterrcrypto) April 3, 2025
Another cryptocurrency analyst, Crypto Caesar, noted that ETH is likely approaching a bottom. He points out that it’s currently trading near the same price level it held four years ago.
However, CryptoBullet highlighted a concerning sign: ETH has now touched the 300-week moving average for only the second time in its history. This event has historically signaled a bearish trend.
Technical Analysis Reveals Key Resistance Levels
For ETH to begin a recovery, it must overcome several technical hurdles. The price is facing resistance near the $1,810 level, with a short-term bearish trend line forming.
The next key resistance is near the $1,840 level. A clear move above the $1,880 resistance might send the price toward the $1,920 level.
If Ethereum can break above the $1,920 resistance, it might continue rising toward the $2,000 or even $2,050 price zone in the near term.
Initial support on the downside is near the $1,765 level, with major support at $1,750. If this support fails, the price could drop toward $1,720 or even $1,680.
Market expert Cryptododo7 has set bearish targets even lower, predicting that ETH may reach the $1,130 to $1,200 range before recovering.
Despite these cautionary outlooks, market commentator Titan of Crypto maintains that ETH is still on track to reach new all-time highs later this year.
The hourly MACD for ETH/USD is gaining momentum in the bearish zone, while the RSI remains below the 50 zone. These technical indicators suggest continued downward pressure in the immediate future.
