Ethereum Price Prediction: ETH Whales are Buying Ahead of Pectra Upgrade
Why Are Whales Buying Millions in ETH?
Ethereum (ETH) has experienced a volatile week, struggling to maintain its recent recovery. After reclaiming the $2,081 level on Monday, ETH faced a 4% correction over the next three days, dropping below $2,000 by Friday.
Key Support and Resistance Levels
ETH has consistently found support around $1,861 for the past two weeks, indicating a strong demand zone. However, if bearish momentum persists, a retest of this level could be imminent.
On the upside, a renewed recovery could push ETH toward its March 7 high of $2,258.
The daily Relative Strength Index (RSI) is at 43, rejecting the neutral 50 level earlier this week, signaling continued bearish momentum.
Read Ethereum Price Prediction for more detailed information
Whale Activity and Pectra Upgrade Impact
Ethereum’s upcoming Pectra mainnet upgrade, tentatively scheduled for April 30, has drawn significant attention from investors. The upgrade has already launched on the Hoodi testnet, with developers closely monitoring its performance.
Despite a lack of direct impact on ETH’s valuation, Pectra’s enhancements could boost network activity and attract fresh capital. Recent whale activity suggests increasing confidence, as large holders continue accumulating ETH.
A whale purchased 51,209 ETH ($103M) on Coinbase.
ETH reserves on exchanges have dropped by nearly 1M since March 3, per CryptoQuant.
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Institutional Flows and Macroeconomic Pressure
While whales accumulate, institutional interest remains weak. Ethereum ETFs have recorded sustained outflows since February, reflecting cautious sentiment among traditional investors.
Meanwhile, the U.S. government moved 884 ETH ($1.77M) to an unknown wallet, stirring speculation about its crypto strategy following President Trump’s recent executive order on digital assets.
With volatility expected around the Pectra upgrade, traders should watch key support and resistance levels closely.