by Vincent Muthee
Ethereum (ETH) dropped to slightly above the $1,400 price level in April. 7, 2025 causing panic across ETH enthusiasts. However, two whales were not shaken by the dip in price as they viewed it as an opportunity to buy more coins. Usually, ‘buying the dip’ usually signifies confidence amongst investors and is often associated with a hike in price.
Will Ethereum reclaim the $1,600 amidst whales buying the dip? Let’s explore what the whale accumulation suggests and the depiction of the ETH technical indicators.
$23.94M-Worth of ETH Bought By 2 Whales; Details
In a recent post on X, on-chain data analytics platform Lookonchain flagged two scenarios where whales bought Ethereum coins in the recent market dip. Data by Arkham Intelligence shows that the first whale identified with wallet address 0x5fAD bought 2948.4287 ETH worth $5.05M on April 6.
In a subsequent transaction, the whale bought additional 3242.9714 ETH worth $4.93 Million on April 7. The total worth of ETH tokens bought by the whale in the recent dip is $9.98 million.
According to Lookonchain, this whale (0x5fAD) now sits at a loss of $19.36M after buying 24,299 $ETH($57M) at $2,343 since Feb 11, 2024.
The second whale identified by wallet address 0x96F4 purchased a total of 9000 ETH on April 7. These Ethereum coins cost the whale a total of $13.97M. Additionally, Lookonchain confirmed that this whale has accumulated 22,000 ETH worth $37.6M over the past 6 days.
These purchases by the whale were made at an average price of $1,709. Nonetheless, whale (0x96F4) now sits at a loss of $3.6M.
The two whales have purchased a total of 15,191 ETH worth $23.94 million in the recent dip. Historical data shows that accumulation by whales usually leads to increased investor confidence hence a potential price surge.
ETH Technical Indicators Depict Mixed Signals
According to the daily chart on TradingView, ETH is changing hands at $1,581.97 as of the time of this writing. This price level depicts a modest surge since dropping to $1,400 level yesterday. However, despite facing a potential rebound above $1,600, Ethereum seems to have faced resistance with technical indicators suggesting mixed signals.
Notably, the RSI of Ethereum which stands at 29.89 shows that Ethereum is oversold. With the RSI below 30, ETH could face a rebound or reversal moving forward. If the RSI climbs above 50 towards 70, a bullish momentum will be more likely hence pushing the coin past $1,600 as buyers gain control.
In contrast, ETH’s MACD shows that bearish momentum prevails in the current market. This is clearly depicted by the MACD line at -131.23 sitting below the signal line at -111.30. More divergence is also more likely in the coming trading sessions. Additionally, the histogram bars are in red and seem to be dropping further hence confirming bearish momentum.
Ethereum faces strong support at $1,412.35. However, a drop below this level could result in further price drop. But, if bulls manage to flip things over, Ethereum could surge past short term resistance at $1,613.81. Progressing further towards resistance at $1,768.83 or above would further invalidate the bearish outlook.
#blockchain #crypto, #decentralized, #distributed, #ledger
