Despite Recent Struggles, Ethereum Whales Are Making Their Moves

Despite recent struggles, Ethereum whales are making their moves. Analyst Ali Martinez reports that whales have accumulated over 420,000 ETH (worth $811 million)

Despite recent struggles, Ethereum whales are making their moves. Analyst Ali Martinez reports that whales have accumulated over 420,000 ETH (worth $811 million) in the last five days.

This comes as Ethereum (ETH) underperforms in the 2025 crypto market cycle, down 10.35% in the past week.

Whales have bought more than 420,000 #Ethereum $ETH in the last five days! pic.twitter.com/ZFF57gbq0e

Adding to the mixed signals, US Spot ETH ETFs recorded $35.30 million in outflows on Friday, with BlackRock’s ETHA (IV:ETHW) seeing the highest outflows at $36.37 million, as per SoSoValue.

Pectra Upgrade and Testnet Developments

Ethereum is preparing for its next major upgrade, Pectra, which aims to improve scalability and staking flexibility. The new testnet, named Hoodi, is set to launch on Monday, March 17. This follows previous testnets Holesky and Sepolia, which encountered technical challenges, particularly with invalid blocks.

ACDE RecapA new testnet, Hoodi, is going live Monday to wrap up Pectra testing, if you need to test validator exits, be on the lookout for it! Everything else can be tested on Sepoליה & Holesky. Pectra will be scheduled 30+ days after Hoodi forks successfully, pending infra… pic.twitter.com.

If successful, Pectra could go live on the mainnet as early as April 25. The upgrade will enhance Ethereum’s layer-2 storage capacity and reduce transaction fees, making it a crucial step toward improving network efficiency.

However, the market reaction to this news has been lukewarm, with ETH posting only a modest 1.8% gain in the past 24 hours, CoinMarketCap shows.

ETH Price: Key Levels for the Weekend

As of press time, ETH sits at $1,930.19. From a technical standpoint, ETH’s Relative Strength Index (RSI) is around 33.29, nearing oversold territory..

The gradient of the line suggests a potential retest of the $2,000 price level in the near future, as per the daily chart below.

Moreover, the Bollinger Bands (BB) show that ETH is trading near the lower band at $1,741, which is a potential support for the cryptocurrency. A bounce toward the middle band ($2,157) or the upper band ($2,574) could be on the cards if buying momentum picks up.

Another major resistance for ETH is the 20-day Exponential Moving Average (EMA), which stands at $2,154. That means, ETH needs to break above this level to confirm a bullish momentum,which makes this weekend’s trading all the more crucial.

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