Following strong gains to $2,700 last week, Ethereum is facing a pullback as the ETH price plummets 5% in the last 24 hours, slipping under $2,500 levels. This pullback comes amid a broader crypto market decline with investors evaluating as what happens next.
Ethereum Price Pullback, Analysts Eye $1,800 as Key Support Zone
Popular analyst Crypto Patel believes that Ethereum price could see a potential pullback following its rejection near the $2,500 Fair Value Gap (FVG) zone. The analyst further added that ETH is now entering a correction phase, with the price likely to drop into the $1,930–$2,100 FVG range.
As per Crypto Patel, this zone aligns with a bullish order block near $1,810, wherein we can see heightened accumulation and chances of re-entry by investors. However, the analyst states that if Ethereum manages to stage enough demand at this level, it could pave the way for a rally toward $4,000–$5,000 in the next bullish cycle.
$ETH Pullback Loading: Is $1,800 the Next Big Buy Zone?#Ethereum faced rejection near the $2,500 FVG zone and is now entering a correction phase.
Price may drop into the $1,930–$2,100 FVG zone, which aligns with a strong bullish order block around $1,810.
This area is a… pic.twitter.com/tExGXoojfZ
— Crypto Patel (@CryptoPatel) May 17, 2025
However, investors should keep in mind that the recent Ethereum price rally comes along with heavy ETH accumulation by institutional players. In a massive accumulation, Abraxas Capital bought over $650M in the past few weeks, marking one of the biggest institutional purchases of ETH.
Crypto analyst Ali Martinez reports a significant surge in Ethereum accumulation by whales over the past month. According to on-chain data, large investors have collectively added over 450,000 ETH to their holdings during this period.
Whales have accumulated over 450,000 #Ethereum $ETH in the past month! pic.twitter.com/iog41CbHLo
— Ali (@ali_charts) May 17, 2025
ETH/BTC Pair Screams of Undervaluation
Blockchain analytics platform CryptoQuant highlights a significant recovery in Ethereum’s performance against Bitcoin. The ETH/BTC ratio has surged by 38% from its five-year low, suggesting that Ethereum may have bottomed out compared to the leading cryptocurrency.
Ethereum may have hit bottom vs Bitcoin.
The ETH/BTC ratio just surged 38% from a 5-year low. Demand is rising, selling pressure is falling, and ETFs are loading up.
This could signal the beginning of an Alt season. pic.twitter.com/dosAgvW6UE
— CryptoQuant.com (@cryptoquant_com) May 16, 2025
Some of the key indicators driving this momentum include the rising demand for ETH, the declining selling pressure, and the growing accumulation by Ethereum-focused ETFs. As per the data from Farside Investors, spot Ethereum ETFs accumulated $22 million worth of ETH on Friday, highlighting renewed market optimism.
On the other hand, Ethereum Layer 2 solutions continue to make progress. Earlier this week, Starknet hit the milestone to become the first Layer-2 ZK-rollup network to reach Stage 1 decentralization.
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