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Ethereum Whales Exit, Derivatives Inflow Surges: Will ETH Crash to $1,000?
April 17, 2025
Ethereum struggles near $1,600 as whales offload 143K ETH and derivatives inflows spike. Will ETH crash below $1,400?
With Bitcoin stagnating near $84k, Ethereum fails to trigger a trendline breakout rally. ETH is currently trading at $1,581, following the formation of a daily Doji candle.
As Ethereum continues to underperform, whales have begun offloading this week, and the network has recorded a new low. Can Ethereum manage to hold the $1,400 support level amidst these conditions?
Ethereum Stuck at a Crossroads: Will Bears Take Control?
Ethereum fails to bounce back within the falling channel pattern in the daily chart. Facing opposition from a newly formed resistance trendline within the channel, the ETH price fails to float above $1,600.
Ethereum Price Chart
The higher price rejection in the recent daily candle with long wicks warns of a potential drop ahead. However, technical indicators suggest an optimistic chance.
The daily RSI line shows a sideways movement, hovering just above the oversold boundary after a slight uptick. Additionally, the MACD and signal lines have given a positive crossover, albeit still within negative territory.
These technical signals indicate the possibility of a new bullish wave within the ongoing decline.
Based on Fibonacci levels, a breakout rally could first target the 23.60% Fibonacci level near $2,000. If bulls manage to break above the upper boundary, the 38.20% level near $2,400 becomes the next likely price target.
Conversely, Ethereum shows strong support around $1,400. A daily close below this level could trigger a potential drop toward $1,000.
Ethereum Offloading Season Begins?
Over the past week, Ethereum experienced a minor surge followed by stagnation, prompting whales to exit. According to a recent tweet by crypto analyst Ali Martinez, Ethereum whales have offloaded 143,000 ETH, valued at over $226 million.
This significant offloading has reduced the balance of wallets holding 100–1,000 ETH from 9.4325 million to 9.2894 million. One notable case stands out.
Whales have offloaded 143,000#Ethereum$ETHover the past week!
pic.twitter.com/n8cmwyUpER
— Ali (@ali_charts)April 17, 2025
One standout case: a long-dormant whale returned to the market after two years and deposited 1,161.77 ETH (worth $1.84 million) into Kraken.
The entity realized a profit of $480 K. Initially, the whale withdrew 943 ETH (then worth $1.11 million) from Binance and later swapped 253.73K USDC for 146.59 stETH for staking.
By staking Ethereum, the whale earned an additional 72 ETH.
Lowest Ethereum Transaction Costs in Five Years
Amid falling ETH prices, the network has hit a five-year low in transaction fees. According to Santiment, Ethereum’s average network fee has dropped below $0.17 for the first time since May 2020. Currently, the average transaction costs just $0.168.
Declining fees suggest weakening demand and reduced user activity, both potential precursors to a lower ETH market valuation.
BREAKING: Ethereum fees are at a 5-year low, with transactions currently costing just $0.168. This is the cheapest daily cost of making$ETHtransfers since May 2, 2020. We briefly break this down in our latest insight.
https://t.co/fg5CfRgsHnpic.twitter.com/QlLwyzdm1F
— Santiment (@santimentfeed)April 16, 2025
Inflow Spike in Derivatives Market Warns Major Crash Ahead
As Ethereum struggles at a crossroads with the shaken confidence of whales, the derivatives market records a massive inflow. Historically, major inflow spikes in Ethereum derivatives have resulted in major crashes.
On March 26, an inflow of nearly 65K ETH led to a 13% drop over four days. A similar spike last week resulted in a nearly 20% decline.
On April 16, the largest spike yet — over 77K ETH — triggered fears of a deeper correction.
As Ethereum struggles to hold bullish ground, the increased inflow spike could lead to a leverage-driven downfall to $1,000.
Based on the In/Out of Money Indicator from IntotheBlock, the support zone between $1,533 and $1,581 is the final defense line. This demand zone holds 4.82 million ETH in 2.44 million addresses. If the price drops below this range, the next support lies between $1,390 and $1,437.
Ethereum GIOM Indicator
Conversely, the key resistance remains the supply zone between $1,585.78 and $1,633.53, which holds 2.89 million ETH across 3.62 million addresses.
A successful breakout could see ETH rise toward the $1,700 level.
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