Ethereum’s price has been underperforming, but behind the scenes, whales are making significant moves. Over the past 48 hours, ETH whales have acquired 1.10 million ETH, raising speculation about an impending market shift.
With Ethereum’s total circulating supply at 120 million ETH, this purchase represents nearly 0.92% of all ETH in circulation.
Despite this accumulation, ETH remains under pressure, trading at $2,195. This divergence between whale activity and price action has sparked debate: are whales betting on a long-term price surge, or is this simply strategic positioning amid market volatility?
Historically, large-scale whale accumulation has preceded major price movements. In January 2025, whales purchased 330,000 ETH in a single week, driving a temporary rally. However, the current market sentiment remains cautious, with Ethereum struggling to break key resistance levels.
ETH’s Price Action: Bulls Struggle to Gain Momentum
Even with whale buying pressure, Ethereum remains in a downtrend. The price is below the 50-day EMA ($2,234), facing significant resistance at $2,228. A breakout above this level could shift momentum, but until then, downside risks remain.
Technical indicators also support a bearish outlook:
Relative Strength Index (RSI): 37, nearing oversold territory.
MACD: Bearish crossover, signaling weak buying pressure.
Descending Trendline: ETH must break $2,228 to regain bullish momentum.
If Ethereum fails to hold above $2,000, a retest of $1,989 or even $1,864 could follow. On the upside, ETH needs to clear $2,393 to invalidate the downtrend.
What’s Driving ETH? Trump’s Crypto Reserve & ETF Speculation
Ethereum’s price action coincides with key developments in the crypto industry. On March 2, 2025, former U.S. President Donald Trump announced the creation of a U.S. Strategic Crypto Reserve, which includes Ethereum.
This initially fueled optimism, but market sentiment cooled after it was revealed that the reserve would only hold seized crypto assets, not new acquisitions.
Additionally, the White House Crypto Summit on March 7, 2025, sparked discussions about potential Ethereum ETF approvals, adding another layer of speculation.
Ethereum currently dominates the stablecoin market with a 56% share, reinforcing its long-term value proposition despite short-term uncertainty.
Conclusion: Ethereum remains under bearish pressure, with $2,228 serving as a major hurdle. If ETH fails to break this level, a drop toward $1,989 and $1,864 remains likely. However, if bulls reclaim $2,228–$2,234, Ethereum could target $2,393 in the short term.
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