Ethereum Market Trends: Whale Accumulation and ETF Outflows Impact Price
Ethereum Whales Accumulate as Price Declines: Key Levels to Watch Amid Pectra Upgrade and Hoodi Testnet Launch
Despite recent price declines, Ethereum (ETH) continues to attract significant interest from large investors. As the network gears up for the Pectra upgrade and the launch of the Hoodi testnet, expectations for improved scalability and lower transaction fees are growing. Technical indicators suggest ETH may retest the $2,000 level, making support and resistance levels critical for traders.
Whales Increase ETH Holdings Amid Price Slump
Ethereum has faced downward pressure in recent weeks, yet on-chain data reveals that whales are strategically accumulating more ETH. On March 15, 2025, analyst Ali Martinez reported that large investors purchased 420,000 ETH—worth approximately $811 million—within five days. This buying spree occurred even as Ethereum's price fell by 10.35% over the past week.
In contrast, institutional investors have shown signs of caution. U.S. spot Ethereum ETFs recorded $35.30 million in outflows, indicating a more conservative stance. Notably, BlackRock’s ETHA fund experienced a substantial $36.37 million single-day withdrawal, reflecting market uncertainty.
Pectra Upgrade and Hoodi Testnet: A New Era for Ethereum?
Ethereum is set for a major transformation with the upcoming Pectra upgrade, aimed at enhancing scalability and staking flexibility. A significant step in this transition is the Hoodi testnet, scheduled to launch on Monday, March 17. This test network seeks to address previous challenges encountered by Holesky and Sepolia, making it a crucial milestone for Ethereum’s development.
If successful, the Pectra upgrade will be integrated into the Ethereum mainnet on April 25. This enhancement is expected to improve network efficiency and long-term performance. However, despite the anticipation, market response has been moderate—ETH saw only a 1.8% increase in the past 24 hours, according to Turkish NY Radio.
Ethereum’s Technical Landscape: Key Levels to Watch
As of now, Ethereum is trading at $1,930.19. Technical indicators provide insight into potential price movements:
Relative Strength Index (RSI): Currently at 33.29, the RSI is approaching oversold territory. This suggests that ETH could soon rebound and retest the $2,000 level.
Bollinger Bands (BB): The lower Bollinger Band indicates a support level around $1,741. If buying pressure increases, ETH may rally toward the mid-band at $2,157 or the upper band at $2,574.
Exponential Moving Average (EMA): Ethereum faces resistance at the 20-day EMA, currently at $2,154. A breakout above this level could confirm a bullish reversal, making weekend price movements crucial for traders.
Final Thoughts
Ethereum’s price remains at a pivotal stage, influenced by whale activity, ETF flows, and upcoming network upgrades. With the Pectra upgrade and Hoodi testnet on the horizon, investors are closely watching how these factors shape ETH’s next major move. Whether Ethereum can sustain a recovery or face further downside will largely depend on market sentiment and key technical levels.