Ethereum Price Shows Bullish Signals as Whales Accumulate

Ethereum shows signs of a possible price recovery due to positive on-chain metrics and technical indicators. Large holders are accumulating ETH, which may influence market direction. Key signals suggest a potential upward trend, while wallet concentrations provide insights on resistance levels.

Ethereum (ETH) price exhibits signs of a potential recovery, substantiated by favourable on-chain data and technical indicators that suggest a shift in market momentum. The cryptocurrency holds above significant support levels despite general market caution. The accumulation of large ETH holders is another factor that could influence price trajectories in the upcoming weeks, with multiple technical signals indicating a possible upside if current patterns persist.

Technical indicators such as the TD Sequential signal indicate a potential reversal in Ethereum’s price movement. Currently, a red “9” candle is observed, hinting that the prevailing bearish trend may soon conclude. This pattern typically suggests market direction shifts when it occurs near established support levels, offering insights to traders regarding potential movements.

The stochastic RSI currently reflects oversold conditions, prompting signals when it nears critical levels, denoting that previous selling pressures necessitate a price rebound. Together, the TD Sequential and Stochastic RSI indicators reinforce the theory of an imminent upward price shift for Ethereum. As of April 21, 2025, ETH trades at $1,647.95, marking a historically significant moment for the asset.

The weekly candlestick patterns indicate a possible trend reversal in the market. The concluding candles show smaller bodies and longer wicks, reflecting trader uncertainty about upcoming market movements. This sentiment likely arises during times of waning selling control, with renewed buying interest signalling potential bullish trends if prices hold steady while corroborating on-chain data and whale activity.

Large investors in the Ethereum network have been consistently accumulating assets since early April 2025. On April 21, a blockchain analysis report noted a whale’s withdrawal of 1,897 ETH, valued at around $3 million, from Bitget. Since April 3, the same wallet has withdrawn 3,844 ETH totalled approximately $6.51 million, indicating a strategy to maintain ownership without reinvesting immediately.

Conversely, another whale sold 10,293.78 ETH on April 20, earning a profit of $323,000 at an average price of $1,613.84, which temporarily impacted ETH’s price, causing a 0.75% decline within 15 minutes and spiking trading volume by 12% to 1.8 million ETH. Such whale actions highlight their ability to sway short-term market dynamics, though the overarching trend suggests accumulation, particularly from long-term holders shifting assets off exchanges for greater security against market fluctuations.

On-chain analysis indicates that a significant number of Ethereum wallets retain assets valued above the current market rate. As of April 20, 2025, approximately 20.94% of wallets possess ETH that would yield profits at then values, totalling around 30.39 million ETH, while a substantial 73.21% of addresses hold 106.29 million ETH classified as “Out of the Money.”

Wallet concentration predominantly occurs within the $2,093.58 to $2,535.50 range, with nearly 68.63 million ETH encompassed. As Ethereum prices increase, asset holders may consider liquidating their investments, risking to hinder upward momentum. This resistance zone can serve as a protective barrier against market buyers, yet, if breached, it may create further opportunities for price growth. Thus, observing wallet distribution offers traders essential insights into potential support and resistance levels.