ETH Price Targets $2K as Whale Activity Rises

Written by Kelvin Maore

Edited by Harsh Chauhan

Last Updated April 19, 2025

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April 19th, 2025— The Ethereum price experienced a slight uptick of 0.75% to reach $1,595 during Friday’s trading session. While the broader market sentiment remains uncertain amid U.S.-China trade tensions, the buying pressure in ETH could be attributed to whale accumulation. The renewed recovery from investors sets the coin price for a breakout past the multi-month resistance of the current correction. Is the $2,000 rally close?

Massive Whale Withdrawals Fuel Bullish Hopes

Amid the tariff-driven uncertainty, the Ethereum price has projected a sideways action around $1,600 for nearly two weeks. The series of neutral candles with rejection on either side indicates no clear initiation from buyers or sellers.

However, the on-chain data shows several large wallets have been actively withdrawing thousands of ETH tokens from top exchanges in recent weeks.

Since April 1, a wallet linked to Metalpha has withdrawn a massive 29,000 ETH, valued at approximately $48.73 million, from Binance.

Adding to the bullish momentum, another prominent wallet, identified as 0xd81E, has moved 46,577 ETH, worth around $97.26 million, from Gate.io since February 15. Similarly, wallet 0x6034 has extracted 10,091 ETH, valued at $18.8 million, from Bybit since March 12.

Historically, the renewed accumulation from deep-pocketed investors has coincided with bottom formation and bullish recovery.

Ethereum Price Test Key Pivot Level

With an intraday jump, the Ethereum price is nearing a bullish breakout from the 20-day exponential moving average. Since late December 2024, the coin price has made several attempts to breach this resistance, but each has failed and bolstered a downtrend ranging from 17% to 35%.

Thus, the potential retest is a crucial pivot moment for ETH to promote further downfall or signal a change in market dynamics. If the altcoin witnessed another reversal from the 20-day EMA slope, the sellers may push an 18% fall to hit the bottom support trendline at $1,250.

On the contrary, a bullish breakout from this resistance EMA will accelerate the bullish momentum for a 20% rally and challenge the resistance trendline of the falling wedge pattern. Over the past four months, the chart setup has steadily corrected within two converging trendlines.

A successful flip of the overhead resistance will signal the end of the current correction.

Written by Kelvin Maore

Kelvin Maore is a Market Analyst at CryptoNewsZ. He has years of experience tracking the crypto and blockchain world. Kelvin specializes in market trends and price action. He uses on-chain data and investor sentiment to find the truth behind the charts. He focuses on Bitcoin and new digital assets. As an active researcher, he uses tools like Glassnode and CoinGlass to track whale movements. Kelvin’s goal is to give readers clear, data-backed facts to help them navigate the complex crypto market.