The recent announcements of tariffs by Donald Trump have caused a significant amount of volatility in the cryptocurrency market, particularly affecting the price of Ethereum (ETH). The price of ETH has dropped below the critical $2,000 mark, leading to a surge in long liquidations. Despite this downward trend, analysts are optimistic about a potential rebound in the price of ETH leading up to the upcoming crypto summit.
Whale Pressure Drops Amid ETH’s Dip
Recent data from Coinglass indicates that trading activity for Ethereum has remained consistent as the price struggles to surpass the $2,500 mark. In the past 24 hours, Ethereum has seen a total liquidation of approximately $47.87 million, with buyers liquidating $28.1 million and sellers closing $19.7 million in short positions.
Key investors are taking advantage of the lower prices to accumulate Ethereum, especially in anticipation of the upcoming White House Crypto Summit. Traders are closely monitoring the activity of wallet addresses associated with Trump-endorsed World Liberty Financial (WLF).
According to Arkham Intel, a leading on-chain intelligence firm, WLF’s wallet has significantly increased its Ether holdings within a single day. WLF has been actively purchasing Ethereum during price dips, with reports indicating that they now hold around 7,100 Ethereum tokens, valued at over $80 million. This substantial increase from 2,500 tokens in just 24 hours showcases a strong accumulation strategy.
On-chain metrics for Ethereum have turned bearish, indicating a decrease in whale activity and accumulation. Data from IntoTheBlock reveals a notable decline in whale transactions and the volume of large transactions, signaling a decrease in whale pressure.
What’s Next for ETH Price?
Despite facing selling pressure, the price of ETH has managed to recover towards $2,300. However, it has struggled to surpass this level as bears defend the resistance line. As of now, Ethereum is trading at $2,200, dropping over 0.9% in the last 24 hours.
The ETH/USDT trading pair is facing resistance at $2,530, with short-term holders potentially liquidating at this level. However, if buyers can break above this resistance, the price could surge to $2,935.
The RSI level is currently around the midline at 45, indicating potential for a retest of the resistance channel. If the price can hold above $2,530, it would favor the buyers and potentially lead to further gains in the trading pair. However, if the price fails to hold above this level, sellers may push it back down towards $2,000.
Overall, the upcoming crypto summit and increased accumulation by key investors could lead to a strong rebound in the price of Ethereum in the near future. Investors are advised to closely monitor the market for potential buying opportunities.