Ethereum News: Significant Whale Accumulation Sparks Speculation of Market Breakout

Recent developments in the Ethereum market have caught the attention of investors and analysts alike. Here’s a summary of the key details and their implications for the cryptocurrency’s future.

Whales Accumulate 1.10 Million ETH, Market Breakout Speculated

Ethereum’s price has been underperforming, but significant whale activity has been observed. Over the past 48 hours, ETH whales have acquired 1.10 million ETH, which represents nearly 0.92% of all ETH in circulation. This accumulation has sparked speculation about a potential market breakout. Despite this, ETH remains under pressure, trading at $2,195. The divergence between whale activity and price action has sparked debate about the whales’ motives.

Ethereum Struggles to Gain Momentum

Ethereum has been unable to break through key technical levels for over a year. The cryptocurrency recently failed to breach long-term resistance and is now at risk of more catastrophic price drops, according to an analysis by Tony “The Bull” Severino. Ethereum’s price action over the past two weeks has shown weakness.

Ethereum (ETH) Price Prediction for March 9

Currently, Ethereum (ETH) is trading at $2,119, reflecting a 2.51% decrease in the last 24 hours. Over the longer term, a 30-day decline of 23.37% shows that ETH has been under sustained bearish pressure. Technical analysts have identified a key support zone around $2,050–$2,100. If ETH falls further, the next critical support level is likely around $2,000. A breach below this could indicate a more significant bearish trend. On the upside, the immediate resistance lies between $2,200 and $2,250.

Ethereum’s Market Strength and Resilience

Ethereum [ETH] has shown resilience through multiple market cycles, recovering from steep declines. Despite extreme volatility, ETH has demonstrated an ability to bounce back. During the 2022 bear market following the FTX collapse, ETH saw an 80% decline but has since stabilized, trading NEAR $2,300 as of March 9th, 2025, with a percentage drawdown of 53.11%. This resilience is supported by the upcoming 2024 Dencun upgrade and ETF approvals.