Will Ethereum Drop to $1,500? ETH Price Crashes 12%
Ethereum (ETH), the world’s second largest cryptocurrency, seems to be struggling and has dropped significantly due to a significant decline in the past 24 hours. On March 4, 2025, the price fell 12%, and Ethereum violated one of its crucial support levels and has been held since December 2023.
Ethereum (ETH) technical analysis and upcoming levels
This collapse shifts market sentiment partly to the bearish side. According to expert technical analysis, ETH appears to be bearish as it drops to a critical support level of $2,200. After this breakdown, Altcoin has cleared the path to further declines.
Based on recent price action and historical momentum, if ETH shuts down daily candles below the $2,065 level, it could drop 26% in the coming days to reach the next support.
As prices continue to fall, ETH falls far away from the 200 exponential moving average (EMA) in the daily time frame, indicating that the assets are on a downward trend.
Bullish chain indicators
Despite bearish price action and continuing to fall, whales and long-term appear to be accumulating tokens, as Chain Analytics reports Small shop and blockchain-based transaction tracker lookonchain.
Whale buys $10.4 million worth of ETH
In a recent article on X (formerly Twitter) Lookonchain pointed out that a crypto whale that had been seven siblings once again spent $10.36 million and bought 4,993 ETH for an average price of $2,075. With these massive accumulation of ETH tokens, the crypto whale’s ETH holdings surged to 1,157,000 ETH, worth $2.4 billion and $2.4 billion.
However, last time they bought 28.75 million DAI tokens on February 25 and bought 12,070 ETH, with an average price of $2,382.
$130 million worth of ETH outflow
Apart from the price drop and the whale’s interest rate rise, it seems that ETH tokens have been significantly accumulating over the long term. Data from spot inflows/outflows suggests that the exchange has witnessed outflows of $130 million worth of ETH over the past 24 hours, indicating potential accumulation.
Despite all this accumulation and token outflow, ETH is currently trading at close to $2,070, down more than 12% over the past 24 hours. However, during the same period, its trading volume fell by 12%, indicating that traders and investors are less involved, which may be due to huge price volatility.
