The Ethereum price chart shows that it could hit the $3,250 level, even though the cryptocurrency has not been performing well recently in relation to Bitcoin and other assets. This technical setup appears as on-chain data shows that big-time investors are buying more.
Whale activity shows important ETH accumulation
On-chain analysis platform Lookonchain has observed significant Ethereum accumulation by whale accounts despite ETH’s price woes. According to their data, a wallet identified as 0xd81E withdrew 1,900 ETH (worth approximately $3.1 million) from the Gate exchange just hours ago.
Whales are still accumulating $ETH.
0xd81E withdrew 1,900 $ETH($3.1M) from #Gateio again an hour ago.
Since Feb 15, this wallet has withdrawn 48,477 $ETH($100.35M) from #Gateio and is currently sitting on a $21M loss.Meanwhile, 0x3bd2 withdrew 2,600 $ETH($4.26M) from #Binance… pic.twitter.com/rCX1DAzlHk
— Lookonchain (@lookonchain) April 22, 2025
This withdrawal appears to be part of a larger accumulation strategy, as the same address has withdrawn a total of 48,477 ETH (valued at $100.35 million) from the top crypto exchange since February 15. The wallet is currently sitting on an unrealized loss of around $21 million based on current prices.
In a separate transaction, Lookonchain reported that another whale address, 0x3bd2, withdrew 2,600 Ethereum (worth $4.26 million) from Binance after showing no activity for an entire year. This re-activation of inactive wallets to pull out ETH to personal wallets usually indicates optimism about future price appreciation.
But not all that has happened in the whales’ world is good. Analyst Ash Crypto mentioned in a tweet that one whale sold 2,056 ETH for $3.72 million and initiated a 10x leveraged short position in ETH. That shows conflicting sentiments from the large holders.
Ethereum price could be headed to $3,250
The Ethereum daily chart indicates a firm downtrend since late 2024, as ETH is registering lower highs and lower lows. Nevertheless, recent trade prices indicate a topping pattern can form. Analyst Crypto Fella has shared several key resistance levels now in focus for a possible recovery rally.
$ETH – #Ethereum: Needs to break this resistance. You cannot ignore this opportunity and do nothing. pic.twitter.com/XzNRyLC73A
— Crypto Fella (@CryptoFellaTx) April 21, 2025
The chart identifies four major resistance zones that Ethereum would need to overcome to confirm a reversal. The first one is at approximately $1,750, followed by levels near $2,000, $2,500, and ultimately $3,250. These horizontal resistance bands represent previous support areas that have now flipped to resistance after being broken to the downside.
The analyst emphasized the importance of breaking the current resistance. He also stated that Ethereum price needs to break this resistance and mentioned that traders cannot ignore this opportunity. His analysis points to a potential target of $3,500 if a breakout occurs.
The technical setup shows a descending trendline that has contained price action since December 2024. A decisive break above this trendline, combined with reclaiming the $1,750 level, would provide the first technical confirmation of a trend change.
Despite the mixed analysis by several analysts, an analyst had predicted the Most Hated Rally for Ethereum earlier this month.
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