On Monday, April 7th, the crypto market witnessed a massive spike in volatility following the range of developments around the ongoing tariff war. As a result, the Ethereum price plunged to a temporary day’s low of $1,416— its lowest level since March 2023. While the macroeconomic behavior shows no ease in the global trade tension, recent whale activity around ETH has sparked curiosity among investors about capitalizing on the asset’s discounted valuation.
Key Highlights:
- The Ethereum fear and greed index has dropped to 25%, indicating a fear sentiment among market participants.
- A bullish reversal from $1,531 could trigger a quick 11.5% surge in ETH coins.
- Two major whale wallets accumulated over 37,000 ETH despite unrealized losses.
ETH Whale Accumulation Counters Tariff-Driven Fear
Ethereum price analysis of the daily chart shows a long-wick neutral formation, indicating market uncertainty around the ongoing tariff war. As China and the European Commission impose retaliatory tariffs on a range of U.S. goods, the global market will continue to face selling pressure.
Despite the uncertainty, the two crypto whales showed confidence in ETH’s potential as they collectively acquired 15,191 ETH worth approximately $23.94 million, according to data from the on-chain analytics platform Lookonchain.
The wallet labeled 0x5FAD has been particularly active, accumulating 24,299 ETH since February 11, 2024, at an average price of $2,343 — amounting to a $57 million investment. However, the investment is a $19.36 million unrealized loss due to ETH’s recent price correction.
Meanwhile, another whale wallet, 0x96F4, purchased 22,000 ETH over the past six days at an average price of $1,709. The position is now down by $3.6 million.
Historically, market fear and whale accumulation have preceded major market rallies, signaling an opportunity for a bullish rebound.
Ethereum Price Eyes 11.5% Surge After Key Support Test
On March 29th, the Ethereum price gave a bearish breakdown from an ascending trendline that had acted as a major accumulation zone for buyers since March 2020. This breakdown, coupled with market trade tension, has plunged the asset by 14% to its current trading at $1,561.
The ETH price now seeks support at the 100-month EMAs slope at $1,531 with a long-tail rejection candle indicating intact demand pressure. A potential reversal may push the asset 11.5% to retest the $1,750 level as resistance and recuperate the exhausted bearish momentum.
As sell-the-bounce sentiment persists, the prolonged correction in Ethereum price could retest key support levels at $1,370, followed by $1,075.
Also Read: Strategy Didn’t Buy Any Bitcoin in the First Week of April Despite BTC Falling to $74,000
