Ethereum Price Drops as Whale Buys 4,993 ETH—Breakout Incoming?

Ethereum price remains volatile as whales continue accumulating large amounts of ETH. Data from Lookonchain reveals that a whale recently purchased 4,993 ETH for $10.36 million at an average price of $2,075.

This whale, known as “7 Siblings,” now holds over 1,157,000 ETH worth approximately $2.4 billion across two wallets, signaling strong confidence in Ethereum’s price potential despite recent market declines.

Large-scale buying activity suggests that institutional and high-net-worth investors see long-term potential in Ethereum. Historically, whale accumulation during price corrections has often preceded major rallies.

Trump’s ETH Accumulation Raises Market Speculation

U.S. President Donald Trump has reportedly been accumulating Ethereum at a record pace. While details remain scarce, traders are speculating about what information or strategy may be driving this move.

Trump’s involvement in the crypto space has drawn attention in the past, but his recent Ethereum purchases have fueled bullish sentiment.

Market Analyst Sees Strong Demand Zone

According to crypto market analyst ValeriyaApex, Ethereum’s key demand zone is between $1,700 and $1,800. However, according to their analysis, Price of Ethereum is almost at a testing stage of this support level, which could result in a massive price reversal.

ValeriyaApex outlines potential upside targets, with Ethereum possibly rallying to $4,127 (+99%) or even retesting its all-time high at $4,874 (+172%).

However, the analyst warns that a breakdown below $1,500 could invalidate the bullish outlook and lead to a deeper correction. Holding above $1,700 could spark a significant move to the upside.

Ethereum Price Forms a Bullish Falling Wedge Pattern

Trading for the price of $2,120.3, Ethereum lost 1.27% in the last 24 hours. On the daily chart, we see a falling wedge pattern, which is normally viewed as a bullish reversal signal.

Therefore, if ETH breaks above the wedge resistance, it may target the price levels of $2,500 to $2,800. A breakout beyond these levels, on the other hand, is likely to bring ETH to as high as $3,600.

Ethereum price is nearing a turning point according to technical indicators. The Relative Strength Index (RSI) at 33.83 is close to the oversold region that may lead the market to recover.

Also, Cumulative Volume Delta (CVD) is still negative indicating that pressure to sell is still going on. On the other hand, a bullish breakout could happen if buyers step in and trading volume picks up.

Ethereum Price Key Levels to Watch, on the Market Outlook

Ethereum Price does have a strong 0.93 correlation to the market activity, which shows that it is still closely linked to Bitcoin. However, Ethereum should follow suit if Bitcoin does not continue with its recent losses.

Analysts are also watching for the $2,000 support level, which so far has not breached.  A sustained break below this level could lead to further downside, while a breakout above $2,500 may confirm a trend reversal.

The government also announced a Crypto Strategic Reserve backed by the U.S government, which includes Ethereum, also contributing to market volatility.

Price of Ethereum spiked 13% initially, after the news, but later dropped 14% as traders took profits. However, long term holders also continue to hold their positions despite the short term price swings.