Despite bearish price action and a shaky market outlook, Ethereum is quietly finding its way back into the hands of crypto whales.
While prices are slipping and technical indicators point to a downward trend, major wallets have been quietly scooping up ETH in large amounts – a move that has analysts asking: what do they know that we don’t?
Whales are accumulating $ETH!
A wallet linked to Metalpha has withdrawn 29,000 $ETH($48.73M) from #Binance since Apr 1.
0xd81E has withdrawn 46,577 $ETH($97.26M) from #Gateio since Feb 15.
0x6034 has withdrawn 10,091 $ETH($18.8M) from #Bybit since Mar 12.… pic.twitter.com/yUXpsLTjQm
— Lookonchain (@lookonchain) April 18, 2025
On-chain data provider Lookonchain highlighted several large ETH withdrawals from exchanges. An address linked to Metalpha moved nearly 29,000 ETH (approx. $48.7M) from Binance since April 1. Separately, over 46,500 ETH left Gate.io via one wallet since mid-February, and another withdrew over 10,000 ETH from Bybit.
Related: Four Bullish Reasons That Could Soon Flip The Crypto Market
Why Are Whales Buying ETH Now?
One likely reason is the upcoming Pectra upgrade, a network update slated for rollout by May 2025. According to Ethereum researcher Justin Drake, Pectra will double the network’s “blob space,” increasing efficiency and significantly boosting Ethereum’s burn rate.
An increased burn rate could revive ETH’s deflationary narrative, historically linked to price growth. Pectra may counteract economic shifts from the Deneb (Dencun) upgrade, which boosted ETH supply while lowering gas fees.
Too many coins in circulation and not enough usage led to a glut that dragged down price action. Pectra, on the other hand, could rebalance that by increasing demand and reducing supply – a classic setup for a rally.
Ethereum Price Analysis
Ethereum’s price hasn’t shown much change recently and remains in a downtrend that began in December. So far, price movements have mostly followed corrective patterns—both the recent rallies and pullbacks have formed in three-wave structures, which usually indicate a lack of clear trend direction.
At the moment, Ethereum is trading sideways between the $1,580 support level and the $1,687 resistance level.
Source: MoreCryptoOnline
Related: Garlinghouse Shoots Down 2025 IPO Rumors; Analysts Still Bullish on XRP
A break above $1,618 could be an early sign that a low has formed and that a new rally may be starting. If that happens, the next possible target would be around $1,925. Until then, the market remains uncertain, and there’s no strong signal that a trend reversal is underway.
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