Ethereum Dips Below $2K as Whales Accumulate
Key Takeaways
Ethereum (ETH) is currently under pressure. The price recently dropped below the crucial US$2,000 mark — a level not seen in two years. At the same time, increased activity from so-called “whales” — large investors who are heavily buying ETH during price dips — has been observed. This development is reminiscent of the 2023 pattern, when Ethereum surged after a prolonged consolidation phase. However, despite these parallels, uncertainty remains high. Market conditions have changed, and Bitcoin is dominating the scene more than ever.
Whales Buying the Dip – A Bullish Signal?
On-chain data shows that over 130,000 ETH were accumulated by the largest wallets when the price temporarily dropped to US$1,781. These purchases occurred at a key support zone — a sign of targeted accumulation by experienced market participants. Historically, such phases have often been followed by an upward trend.
Looking back: In 2023, Ethereum consolidated for over six months before experiencing a strong rally in Q4. At that time, the price reached a high of over US$4,000. Whale accumulation was also a key factor then.
Market Concentration at an All-Time High
Currently, the top 1% of addresses hold approximately 96.66% of the total ETH supply — a record level. This high concentration was last seen in Q4 2023, when Ethereum posted a quarterly gain of 71%. By comparison, Bitcoin rose by 61% in the same period.
The renewed increase in whale activity during declining prices could indicate that Ethereum is once again forming a bottom. A short-term rebound to US$1,830 supports this assumption.
ETH vs BTC – An Uneven Duel
Unlike in 2023, the current market environment is marked by high volatility. The ETH/BTC ratio has fallen to a five-year low. Bitcoin is proving significantly more resilient and has increased its dominance to over 61% — the highest level in four years.
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Ethereum, on the other hand, has lost market share. Its dominance has dropped to just 8%, down from double digits in 2023. This development makes a repeat of the 2023 rally much more difficult. As long as capital continues to flow into Bitcoin, Ethereum has little room for an independent upward movement.
What Speaks for a Recovery?
Some analysts still see potential. The current period of weakness could — similar to 2023 — lay the foundation for a later upswing. However, this would require a shift in market behaviour: less risk aversion, lower Bitcoin dominance, and continued accumulation by large investors.
Macroeconomic factors such as potential political uncertainties or monetary easing could also play a role. Should the focus shift away from Bitcoin, Ethereum could benefit.
Our Assessment
Ethereum is currently sending mixed signals. On the one hand, strong whale buying and historical parallels suggest a possible bottom formation. On the other hand, current market dynamics — particularly high Bitcoin dominance — argue against a short-term trend reversal.
For investors, this means patience and observation are key. Long-term investors should monitor whale activity and the ETH/BTC ratio closely. A clear trend reversal is not yet apparent, but the conditions for a future recovery may just be taking shape.
| Symbol | ETH |
| Coin type | Alt Coin |
| Transaction Speed | Medium |
| Pros |
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| Cons |
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| Further practical applications | |
| Price | $1,820.44 |
| 24h % | 0.52 % |
| 7d % | -3.39 % |
| 30d % | -18.61 % |
| 60d % | -34.45 % |
| 1y % | -45.16 % |
| Market Cap | $219,850,084,099.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X |
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