Ethereum is struggling nearly $1,600 as whales surge in ETH and derivatives. Does ETH crash for under $1,400?
and Ethereum, a stagnant Bitcoin, nearly $84,000 Unable to trigger trendline breakout rally. ETH is currently trading at $1,581 following the formation of daily Doji candles.
As Ethereum continues to slow performance, the whales began offloading this week, with the network recording new lows. Can Ethereum maintain a support level of $1,400 within these conditions?
Ethereum is at a crossroads: do bears control?
Ethereum cannot bounce within the falling channel patterns of daily charts. Faced with opposition from the newly formed resistance trend line within the channel, ETH prices have failed to exceed $1,600.
The recent rejection of higher prices in daily candles with long wicks warns that potential drops are ahead. However, technical indicators suggest an optimistic opportunity.
Daily RSI lines show sideways movements hovering just above the sold boundary after a slight increase. Furthermore, MACD and signal lines still provide aggressive crossovers, although within negative territory.
These technical signals indicate the possibility of new bullish waves within the ongoing decline.
Based on the Fibonacci level, the breakout rally could initially target a Fibonacci level of 23.60%, close to $2,000. If the Bulls manage to break past the cap, the next price target is a 38.20% level, nearly $2,400.
Conversely, Ethereum shows strong support of around $1,400. Daily closings below this level can cause a potential drop to $1,000.
Will the Ethereum off-road season begin?
Over the past week, Ethereum has experienced a mild surge followed by stagnation, prompting whales to exit. According to a recent tweet by Crypto analyst Ali Martinez, Ethereum Whales offloaded 143,000 ETH, valued at over $226 million.
This substantial offload reduced the balance of wallets holding 100-1,000 ETH from 94325 million to 9.2894 million. One notable case stands out.
The Whale offloaded 143,000 #ethereum $eth last week! pic.twitter.com/n8cmwyuper
– Ali (@Ali_Charts) April 17, 2025
One outstanding case: Two years later, the long-term whale returned to the market and deposited 1,161.77 ETH (valued by $1.84 million) with Kraken.
The entity realized a profit of 480K. Initially, the whales retracted 943 ETH (worth at the time $111 million) from Binance, and later placed 253.73k USDC at 146.59 STETH.
By staking Ethereum, the whales earned an additional 72 ETH.
Lowest Ethereum trading costs in 5 years
Amid the decline in ETH prices, the network has been trading fees five years lower. According to Santiment, Ethereum’s average network fees are below $0.17 for the first time since May 2020. Currently, the average transaction cost is only $0.168.
The decline in fees suggests weakening demand and lower user activity. Both potential precursors lower the valuation of the ETH market.
Unter extension: Ethereum fees are the lowest in five years, and currently trades at just $0.168. This is the cheapest daily cost to create a $ETH transfer since May 2, 2020. We’ll break this down easily with the latest insights. https://t.co/fg5cfrgshn pic.twitter.com/qllwyzdm1f
– santiment (@santimentfeed) April 16, 2025
As Ethereum struggles with whales’ wobbling confidence and intersections, the derivatives market has recorded a massive influx. Historically, major inflow spikes in Ethereum derivatives have resulted in major crashes.
On March 26th, the influx of ETH of nearly 65K people reduced by 13% over four days. A similar spike last week marked a drop of nearly 20%.
On April 16th, the biggest spike ever – ETH above 77k caused a deeper correction horror.
As Ethereum struggles to hold its bullish position, an increase in inflow spikes could lead to $1,000 in leveraged-driven downfalls.
Based on in/out of Money Indicator Intotheblockthe support zone between $1,533 and $1,581 is the final line of defense. This demand zone holds 4.82 million ETH with addresses of 2.44 million. If prices fall below this range, the following support will be between $1,390 and $1,437.
Conversely, the key resistance remains in the supply zone between $1,585.78 and $1,633.53, with 2.89 million ETH across 3.62 million addresses.
A successful breakout could cause your ETH to rise to a $1,700 level.
