Ethereum’s Critical Support Tested Amid Kraken Whale Activity

Ethereum is currently testing a crucial support level at $1,815, with potential downside risks if breached. Despite a recent 1.44% gain to $1,832.73, market caution prevails due to significant whale movements and declining network metrics. A major Ethereum investor recently deposited 3,232 ETH (worth $5.72 million) into Kraken, marking the end of a 1.6-year accumulation phase. This activity highlights heightened volatility and strategic positioning among large holders. As of May 8, 2025, Ethereum’s price action remains a focal point for traders, with Kraken emerging as a key platform for high-stakes transactions. The broader market watches closely for signs of further whale-driven momentum or a breakdown below critical support.

Ethereum’s Key Support Level Tested Amid Whale Activity and Network Metrics Decline

Ethereum faces a critical technical juncture as its price hovers near the $1,815 support level, a breach of which could signal further downside. The second-largest cryptocurrency gained 1.44% to $1,832.73, but market participants remain cautious following substantial whale movements.

A notable Ethereum investor concluded a 1.6-year accumulation phase by depositing 3,232 ETH ($5.72 million) into Kraken exchange. This follows previous sales totaling 10,564 ETH for $29.49 million, netting approximately $7.6 million in profit. Such large-scale distributions often precede short-term price pressure.

Network activity shows concerning signals, with gas usage plummeting from sustained levels NEAR 20 billion to just 11.68 billion. The DAA (Daily Active Addresses) divergence metric has worsened to -50%, indicating price appreciation unsupported by user growth—a classic bearish divergence.

Bitcoin Price Eyes $100K as Bulls Regain Momentum

Bitcoin’s price surge above $96,500 signals renewed bullish momentum, with traders eyeing a potential push toward the psychologically significant $100,000 level. The breakout follows a successful defense of the $93,500 support zone, confirming market resilience.

Technical analysis reveals a decisive breach of the bearish trend line at $97,200 on BTC/USD hourly charts, with Kraken data showing sustained trading above the 100-hour moving average. The next critical resistance lies at $98,800—a clearance of which could accelerate upward movement.