Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has seen significant bearish pressure in recent weeks. The price has fallen below the key $2,100 support level and even dipped under $2,000, raising concerns about its ability to recover.

For nearly three years, Ethereum held this crucial support, but with the recent breakdown, investors fear a steeper decline. Meanwhile, some analysts argue that this drop presents a strong buying opportunity, as ETH is entering a major demand zone that could trigger a market turnaround.

With large-scale whale accumulation increasing and historical data hinting at a possible price surge, the big question remains—will Ethereum rebound, or is it on its way to $1,500?

Whale Accumulation Hits New Highs

Despite Ethereum’s price struggles, on-chain data suggests that large investors are accumulating ETH at an accelerated pace. Whenever the market experiences a significant drop, whales tend to buy the dip, which often signals a potential price recovery.

A well-known crypto analyst, Crypto Rover, recently pointed out that ETH is witnessing accumulation trends similar to those seen before major rallies in the past.

Historical Whale Accumulation Patterns:

• 2017: Large wallets holding between 10,000 and 100,000 ETH began accumulating, leading to Ethereum’s rally to new all-time highs.
• 2020: Before the 2021 bull run, whales engaged in a similar accumulation phase, which ultimately propelled ETH to nearly $5,000.
• 2024: A similar pattern is forming now, suggesting that a price surge could be on the horizon.

The growing whale activity indicates that institutional investors and high-net-worth individuals see the current price levels as a buying opportunity, expecting ETH to rebound in the near future.

Ethereum Price Analysis: Is a Drop to $1,500 Possible?

Ethereum’s price has remained volatile since the start of 2024, making multiple attempts to break above $4,000. However, persistent selling pressure from bears has kept ETH from reclaiming higher levels. The latest downturn has now pushed the price below long-standing support, increasing fears of further losses.

Key Technical Indicators:

• Support Breakdown: ETH has fallen below its ascending trendline, which had held strong since July 2022, signaling a shift in market structure.
• Bearish vs. Bullish Pressure: Ethereum’s price action is currently forming a Doji candlestick pattern on the weekly chart, which suggests market uncertainty and a potential reversal.
• Super trend Indicator: The super trend flipped bearish at the beginning of March, indicating that Ethereum could remain under selling pressure throughout the month.
• Relative Strength Index (RSI): The weekly RSI is nearing oversold territory, a condition that has historically led to price rebounds in previous cycles.

Potential Scenarios for Ethereum’s Price:

1. If ETH Fails to Hold Above $1,800: The price could continue falling, with the next major support level sitting around $1,500. A breakdown below this point could result in further losses.
2. If ETH Bounces Back: A strong recovery above $2,100 could shift market sentiment and push ETH toward the $2,500-$2,700 range.

Ethereum at a Crossroads—Will Bulls Step In?

Ethereum is now trading at a key level that could define its trajectory in the coming weeks. While technical indicators suggest bearish pressure, rising whale accumulation hints at a possible bullish turnaround.

If ETH manages to hold above its current support and reclaim $2,100, it could pave the way for a strong recovery. However, if selling pressure continues, a deeper correction toward $1,500 may be inevitable.

The next few weeks will be crucial for Ethereum, as traders watch closely to see whether bulls can regain control or if the bearish momentum will push ETH even lower.