Ethereum Price May Break $2,000 Amid Whale Accumulation
April 19, 2025— Ethereum rose 0.75% to $1
,595 on Friday. Whale accumulation may be driving ETH purchasing despite U.S.-China trade worries. Investor rebound sets the cryptocurrency price to breach multi-month corrective resistance. Is $2,000 rally over?
Massive whale withdrawals boost optimism
For over two weeks, Ethereum has traded sideways at $1,600 amid tariff uncertainties. Neutral candles with rejection on each side imply no buyer or seller initiation.
However, on-chain data suggests many huge wallets have been removing thousands of ETH tokens from key exchanges in recent weeks.
An account associated to Metalpha has withdrew 29,000 ETH, worth $48.73 million, from Binance since April 1.
Since February 15, another famous wallet, 0xd81E, has transferred 46,577 ETH, worth $97.26 million, from Gate.io, adding to the positive trend. Since March 12, wallet 0x6034 has taken 10,091 ETH worth $18.8 million from Bybit.
Fresh accumulation from deep-pocketed investors has historically accompanied bottom formation and bullish rebound.
Ethereum Price Test Key Pivot
Ethereum is reaching a bullish breakthrough from the 20-day exponential moving average after an intraday surge. The coin price has failed to break this obstacle many times since late December 2024, bolstering a 17% to 35% decline.
Thus, the likely retest is a pivotal time for ETH to either fall further or shift market dynamics. If the cryptocurrency reverses off the 20-day EMA slope again, sellers may drive an 18% drop to $1,250, the lowest support trendline.
However, a bullish breakthrough from this resistance EMA would speed a 20% rally and test the falling wedge pattern's resistance trendline. The chart has slowly corrected inside two converging trendlines for four months.
