![BitTorrent [New]](https://s2.coinmarketcap.com/static/img/coins/64x64/16086.png)
Despite Ethereum (ETH) experiencing recent price declines, large investors continue accumulating significant amounts of ETH. With the upcoming Pectra upgrade and the launch of the Hoodi testnet, Ethereum’s scalability is set to improve while transaction fees are expected to decrease. Technical indicators suggest that ETH could retest the $2,000 level, making key support and resistance levels crucial to watch.
Whales Keep Buying as Ethereum Price Declines
Ethereum has seen a downturn in recent weeks, but on-chain data reveals that whales are making strategic moves. Analyst Ali Martinez reported on March 15, 2025, that whales have purchased 420,000 ETH—worth approximately $811 million—over the past five days. This surge in accumulation comes as Ethereum’s price dropped by 10.35% over the past week.
Meanwhile, U.S. Spot Ethereum ETFs recorded $35.30 million in outflows, signaling cautious sentiment among institutional investors. BlackRock’s ETHA fund experienced the largest single-day withdrawal, with a $36.37 million exit.
Pectra Upgrade and Hoodi Testnet: A Game Changer for Ethereum?
Ethereum is gearing up for the highly anticipated Pectra upgrade, designed to enhance scalability and improve staking flexibility. A key component of this transition is the Hoodi testnet, set to launch on Monday, March 17. This new test network aims to address challenges faced by previous testnets, such as Holesky and Sepolia.
If successful, Pectra is scheduled for integration into the Ethereum mainnet on April 25. The upgrade is expected to boost Ethereum’s efficiency and long-term performance. However, according to Turkish NY Radio, market reactions to this announcement have been moderate, with ETH rising only 1.8% in the last 24 hours.
Ethereum’s Critical Levels and Technical Indicators
At the time of writing, Ethereum is trading at $1,930.19. A closer look at technical indicators reveals:
- Relative Strength Index (RSI): RSI has dropped to 33.29, nearing the oversold territory. This suggests that ETH could soon retest the $2,000 price level.
- Bollinger Bands (BB): The lower Bollinger Band signals a potential support level around $1,741. If buying momentum increases, ETH could rally toward the mid-band at $2,157 or the upper band at $2,574.
- Exponential Moving Average (EMA): Ethereum faces resistance at the 20-day EMA, located at $2,154. A breakout above this level could confirm a bullish reversal, making weekend price action crucial for short-term traders.
Ethereum’s price remains at a pivotal stage, with whale activity, ETF movements, and upcoming network upgrades shaping its trajectory. Investors are closely monitoring how these factors will influence ETH’s next major move.
