Ethereum whales accumulate 130,000 ETH amid price drop

Ethereum whales accumulated more than 130,000 ETH on Wednesday as the second-largest digital asset fell below $1,800, its lowest level since November 2024, according to IntoTheBlock’s report.

Ethereum is currently trading at around $1,700, down 6% in the last 24 hours, per CoinGecko. The asset concluded Q1 2025 with a 45% decline, marking one of its worst quarterly performances.

The recent price drops are heavily tied to macro uncertainty fueled by US trade tariffs. President Trump announced sweeping tariffs on April 2, aimed at addressing US trade deficits and boosting domestic manufacturing.

The policy shift has triggered a “risk-off” sentiment, causing investors to move away from riskier assets, leading to broad sell-offs across US stock and crypto markets.

Yet, some whales have seen the recent drop as a buying opportunity. Data from Lookonchain shows a whale purchased 6,488 ETH at $1,772 today.

Ethereum’s strength persists despite market doubts

Ethereum has faced skepticism in recent months as investors have questioned its dominance amid a wave of competition. However, Jean Rausis, co-founder of DeFi ecosystem Smardex, maintains that Ethereum’s position remains strong despite recent market skepticism.

“While Bitcoin is seen as the ultimate store of value, Ethereum is the go-to platform for the future of decentralized applications,” Rausis said in a statement shared with Crypto Briefing.

“Ethereum remains unmatched in terms of security and adoption, despite many other blockchains attempting to take its place,” he stated.

According to the analyst, network metrics show daily new Ethereum addresses averaged 200,000 in January 2025, double the 2024 average. Average gas fees have decreased to $0.4, compared to peaks of $15 over the past two years.

“The price of ETH has stumbled in the short term, and now everyone is calling it the death knell. But when it’s all said and done, it’s Ethereum that will remain, while many other blockchains that are making big headlines today won’t be around,” Rausis said.

“In my books, that makes today’s lower prices a generational opportunity, not a reason to complain about short-term paper losses,” he added.

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