Despite the ongoing bearish market sentiment, Ethereum (ETH) continues to attract significant interest from crypto whales. Recent on-chain data has revealed that major investors are seizing the opportunity to accumulate large amounts of ETH, particularly as the price has seen a downturn.

Whale Activity fuels Curiosity

On April 4, 2025, data from blockchain tracker Lookonchain highlighted substantial Ethereum purchases made by prominent whales. One whale, in particular, made a significant move, purchasing 4,100 ETH for $7.32 million, adding to the 3,195 ETH they had bought for $5.97 million previously. This whale, since March 26, 2025, has accumulated a total of 33,441 ETH, worth $65.5 million, averaging $1,959 per ETH.

In addition to this whale’s purchases, another major investor created a new wallet and spent $20.78 million to acquire 11,463 ETH at an average price of $1,813 in just six hours. The continued activity of these whales suggests that Ethereum may be undervalued at current levels, and there is potential for a future rally once market conditions stabilize.

Price Momentum and Trading Volume Decline

At the time of writing, Ethereum is trading near $1,790, showing a modest 0.90% price surge in the last 24 hours. However, despite the small price increase, Ethereum’s trading volume has decreased by 30% compared to the previous day. This drop in trading volume suggests that market participants are remaining cautious, and lower participation could lead to further price fluctuations in the short term.

Although ETH has seen some upward movement, its overall price momentum remains fragile. Recent technical analysis has revealed that Ethereum broke below the crucial $1,810 support level. This breach has led to a more bearish outlook, with experts predicting a potential 15% decline, which could bring ETH down to around $1,500 in the coming days.

Technical Indicators and Bearish Sentiment

Ethereum’s technical indicators are also signaling a bearish trend. The altcoin is currently trading below its 200-day Exponential Moving Average (EMA), a common indicator used to assess long-term market trends. When an asset is trading below its 200-day EMA, it typically signals that the overall market sentiment is negative and the asset could face further declines.

Additionally, the Relative Strength Index (RSI) is hovering in a range that suggests ETH could experience further price corrections before finding a bottom. A continued dip below the $1,810 resistance level would further support the notion that Ethereum might struggle to regain upward momentum in the near future.

Major Liquidation Levels and Market Sentiment

The Ethereum market is also witnessing significant liquidation levels, with traders over-leveraged at critical price points. According to Coinglass, there is currently $480 million worth of long positions and $195 million worth of short positions at the $1,751 support level and the $1,822 resistance level. These over-leveraged positions highlight the current market sentiment, where traders are highly invested in either betting on a price increase or trying to profit from further price declines.

Given the current state of the market, Ethereum faces substantial liquidation risks. If the price continues to decline and breaks below key support levels, the market could see additional sell-offs, further putting pressure on Ethereum’s price.

Conclusion

The Ethereum market is currently in a precarious state, with a mix of bearish sentiment and strong whale interest. While whales continue to accumulate large amounts of ETH, the price action remains bearish, and the asset is showing signs of weakness after breaking crucial support levels. For investors, this may present an opportunity to buy Ethereum at a lower price, but caution is advised as the market could experience further volatility in the near term.

Ethereum’s future price trajectory will largely depend on how the market responds to these large whale purchases and whether the broader market sentiment shifts in favor of ETH in the coming months.