Ethereum Whales Accumulate 420,000 ETH as Market Faces Downturn

• Ethereum whales accumulated 420,000 ETH, worth $811 million, in the past five days despite ETH’s underperformance in the 2025 market cycle.
• US Spot Ethereum ETFs recorded $35.30 million in outflows, with BlackRock’s ETHA leading at $36.37 million, reflecting investor caution.
• Ethereum’s Pectra upgrade is set for testnet launch on March 17, aiming to enhance scalability, staking, and transaction efficiency.

Ethereum whales have been actively accumulating despite the cryptocurrency’s recent struggles. A large number of investors have purchased more than 420,000 ETH worth 811 million dollars over five days, according to on-chain analytics. The market presents difficult conditions to Ethereum because prices have declined 10.35% during the previous week.

Institutional investors appear to be reducing their exposure to Ethereum ETFs. On Friday, US Spot Ethereum ETFs registered $35.30 million in outflows, as reported by SoSoValue. BlackRock’s ETHA led the withdrawals, recording the highest outflows at $36.37 million. This trend signals uncertainty among institutional players regarding Ethereum’s near-term price action.

Ethereum’s Pectra Upgrade and Upcoming Testnet

Ethereum is moving forward with its next major upgrade, Pectra, which is expected to bring improvements in scalability and staking flexibility. The testnet, named Hoodi, is scheduled to go live on Monday, March 17. Previous testnets, Holesky and Sepolia, faced technical issues, including invalid block formations.

If the testnet runs smoothly, Ethereum developers anticipate a mainnet launch by April 25. Pectra aims to enhance layer-2 storage capacity and lower transaction fees, making Ethereum more efficient for users and developers.

ETH Price Action and Technical Indicators

Ethereum stands at $1,930.19 as its price maintains a 1.8% increase during the previous day. Technical indicators suggest mixed signals. The Relative Strength Index reaches 33.29 indicating potential price recovery because it shows overbought conditions.

ETH continues trading near the support level at $1,741 according to Bollinger Bands indicators. The price could start increasing if purchasing activity strengthens enough to reach either the middle band at $2,157 or the upper band at $2,574. Market participants need to monitor the 20-day Exponential Moving Average ($2,154) because it acts as a significant level of resistance.

Market watchers among Ethereum traders will pay close attention to upcoming price trends because $2,154 stands as an essential point of analysis. The price crossing above $2,154 maintains potential bullish momentum but failing to do so might create additional bearish pressure. Amongst all, SHIB remains under downward pressure as it has been unable to challenge resistance since December 2024, although it shows signs of a possible bottom position.