Ethereum on-chain data and RSI suggest a possible trend reversal towards $1,690 despite bearish streaks and whale exits.
Once tariffs imposed by Donald Trump come into effect, the crypto market witnesses another surge in volatility. This has brought the price down to a 24-hour low of $1,383. Currently, Ethereum is trading at $1,461 after a mild price denial.
Increased volatility has resulted in four consecutive bear candles in Ethereum price trends, forming within parallel channels. When a downward trend is tested, can a buyer overturn the supply pressure due to a sudden rebound?
Ethereum price analysis
Ethereum price trends continue within the falling channel pattern of the daily chart. Despite multiple low-cost rejection candles, Ethereum is struggling to bounce off the local support trend line.
Despite four consecutive bearish candles, underlying bullish support will help Ethereum surpass the S1 pivot support level by $1,424. Buyers are anticipating a further crash in Ethereum as fear grows in the market.
However, the daily RSI enters the area sold, hinting at potential minor relief rallies. As Ethereum stands at a critical intersection at the base of the falling channel pattern, crypto whales struggle to maintain their confidence in Ethereum.
Whale sells spree
Specifically, Donald Trump’s World Free Finance (WLFI) is said to reserve profits with Ethereum. According to a recent tweet by LookonChain, WLFI Trust is beginning to offload ETH with potential losses.
Based on Arkham’s data, the wallet linked to the WLFI Trust won 5,471 ETH, worth $8.01 million, with an average price of $1,465.
WLFI previously spent $210 million to acquire nearly 67,500 ETKEN. The average purchase price was $3,259, and currently has an unrealized loss of $125 million.
Trump’s World Freedom (@worldlibertyfi) has begun losing sales of $eth?
According to Arkham, the wallet, which may be linked to #Worldliberty, sold $5,471 ETH ($801 million) for $1,465 30 minutes ago.
– lookonchain (@lookonchain) April 9, 2025
Additionally, the Crypto Whale dumped 500 ETH to the market after nearly two years of dormant. After offloading $708,700 at ETH, the whale lost $166,000. The whale holds 1,725 ETH, worth $2.47 million.
Historically, the Whales retracted 2,225 ETH, worth $3.34 million from Bittrex between July 2022 and April 2023. In particular, the average purchase price for ETH whales was $1,504.
Ethereum ETF maintains the spill trend
Yesterday, US Ethereum Spot ETFS registered a total net spill of $3.29 million, with Fidelity spill making up the majority of the spill. The other nine ETFs recorded zero flow. The Ethereum ETF has seen net spills over the past six weeks, indicating off-road trends.
On-chain data suggests long-term bottom formation
Despite multiple bearish signals in the market, Cryptoquant suggests that Ethereum prices are likely to see a comeback. According to the latest tweet from the on-chain platform, Ethereum prices fell below realized prices. Historically, this negative crossover between the market price and realised price of Ethereum has often coincident with the long-term bottom zone.
Ethereum prices are below realised prices
“Historical data shows that every time ETH falls below the realised price, it often matches the long-term bottom zone.” – @thekriptolik pic.twitter.com/cvrgufkqlc
– cryptoquant.com (@cryptoquant_com) April 8, 2025
Ethereum Network Activities
Amidst increasing volatility, Ethereum ecosystem remains optimistic. According to GrowthEpie, active addresses for Ethereum Network have increased by 0.94% over the past week.
This will result in a total of 101.9 million active addresses. Furthermore, Ethereum’s Layer 2 dominance, 4.35x, has increased by 5.45% from the previous week.
As of April 6, activity in Single Tier 2 was 77%, with almost 17% on Ethereum Mainnet. The remaining 4% were registered in multiple tier 2, with the remaining (2%) on the cross layer.
Meanwhile, Ethereum’s futures contracts have seen a rise in long positions. The long ratio chart shows that the long position accounts for 54.09%, pushing the long-term ratio to 1.1782.
Additionally, public interest of $17.46 billion has increased by 0.25%, indicating a gradual increase in traders’ activity. However, the funding rate remains at 0.0046%, indicating a significant recovery from 0.0090%.
Ethereum Longshort Ratio Chart
Ethereum price target
Based on current price action and growing bullish sentiment in the derivatives market, a potential reversal could challenge $1,690 at the center pivot level. Excessive RSI supports the possibility of bullish turnarounds.
However, decreasing reliability among large crypto whales can pose the risk of a sudden supply spike. In this case, a potential breakdown of Ethereum prices could potentially test the S3 pivot support level near the $1,000 psychological mark.
