Ethereum: Whales Position as ETF Outflows Continue

Pectra Upgrade on Track: Mainnet Launch Set for April 30

The Ethereum Pectra mainnet upgrade happens on April 30, 2025, following the successful deployment to the Hoodi testnet, having superseded the failing Holesky and Sepolia testnets. As announced on ACDE call #208, the upgrade will go live at slot 11,599,872, 14:14:47 UTC, with a mixture of the Prague and Electra proposals. Key features include enabling payments of transaction fees in altcoins other than ETH and introducing smart contract capabilities to wallets. Determination of the deployment date will be discussed in upcoming meetings as infrastructure teams prepare for rollout.

Whale Watch: Mixed Signals in the Ethereum Market

Recent Ethereum whale behavior paints a diverse image of strong buying pressure and strategic selling, causing volatility in the markets. Four combined addresses of whales bought 15,933 ETH worth together on 27 March 2025, and triggered a price boost of 3.5%, while redbase.eth distributed 3,998 ETH for a gain of $470,000. Price did decrease after another whale's sale of 6,505 ETH on March 28, which stirred fear. Even greater buying pressure has also been seen as the Pectra mainnet upgrade comes closer, as a sign that some whales share a positive feeling. The future Pectra upgrade is going to have even more effects on these market pressures. 

ETF Exodus: Investor Interest Wanes

Ethereum ETFs have experienced significant outflows in recent times, reflective of diminishing investor interest. On March 27, 2025, the ETFs collectively experienced a net outflow of $4.2 million, with VanEck and Fidelity ETFs experiencing sizably sizably withdrawals. The week to March 21, 2025, registered a total outflow of $102.9 million, with BlackRock's iShares Ethereum Trust ETF accounting for $74 million in withdrawals, summing up to a 13-day outflow of $415 million

Technical Analysis: Resistance and Support Levels for Ethereum

ETHUSD trades weak following the footsteps of BTC. Overall trend remains bearish as long as the resistance of $3000 remains intact. The key near-term resistance is at $2300 any breach above targets $2500/$2770/$3000/$3400/$3600/$3800/$4000. A robust bullish trend will only materialize above $4100.

Immediate support is around $1750. Any violation below will drag the price down to $1450. A breach below $1450 could see Ethereum plummet to $1000.

It is good to buy on dips around $1800 with a stop loss around $1450 for a TP of $2770/$3000.