Ethereum Shows Mixed Signals as Whale Interest Wanes: What’s Next For ETH?

• Ethereum price drops amidst declining whale activity.
• Number of millionaire ETH wallets hits the lowest level since 2023 of January.
• Technical indicators suggest potential test of $2,000 level.

Ethereum has displayed resilience in recent trading sessions, climbing nearly 9% over the past week despite signs of waning interest from large investors. The second-largest cryptocurrency is currently trading around $1,580, down more than 3% in the last 24 hours, as it tests a key descending resistance line.

The recent price action has triggered significant market volatility. Data from Coinglass shows that roughly $82.8 million in Ethereum trading positions were liquidated recently, with losses split between buyers ($43.5 million) and sellers ($39.2 million). The liquidations occurred amid heightened market volatility, coinciding with Bitcoin’s rebound above the $85,000 mark — a move that has provided a modest boost to overall market sentiment.

Despite this uptick, Ethereum briefly fell to its lowest level since March 2023 last week. Although the recent pause in global tariff escalations has offered some short-term relief to the broader crypto market, it has yet to fully restore investor confidence.

$1 million holding Ethereum wallets drop

Glassnode data indicates a notable trend: the number of Ethereum wallets holding at least $1 million worth of ETH has declined in 2025, reaching its lowest point since January 2023. This change may reflect a shift in participation from high-value investors who often contribute to market stability.

Supporting this, IntoTheBlock data shows a decrease in large transaction volume — a common indicator of whale activity — which has dropped from a peak of $9.81 billion to $2.75 billion. Recent on-chain movements align with this pattern, including a notable transaction on April 14, where a wallet moved 20,000 ETH (approximately $32.4 million) to Kraken, possibly in preparation for a sale.

Additionally, reports suggest that an early participant from Ethereum’s 2015 ICO has been gradually reducing their holdings. On April 13, this wallet sold 632 ETH, worth around $1 million, adding to the recent selling activity.

Ethereum’s open interest has also seen a minor pullback, declining 1.16% to approximately $17.91 billion. This dip could affect the pace of any potential recovery in the near term.

On the technical side, Ethereum has rebounded from the $1,500 support level, indicating resistance from sellers at lower price points. Market participants are now watching the descending resistance line, with a break above it potentially reinforcing short-term bullish momentum.