Ethereum (ETH) has dropped 13.6% over the past week, largely due to rising geopolitical tensions in the Middle East, particularly between Israel and Iran. Despite this recent price slump, Ethereum whales appear undeterred, signalling confidence in the digital asset’s long-term recovery.
Unlike the double-top pattern observed in 2021 – when Ethereum saw a notable increase in transaction outflows as whales exited near the top – current data suggests that whales are not making similar moves.
The analyst shared the following comparative chart showing that in previous market cycles, spikes in ETH withdrawals from wallets were typically followed by major price pullbacks. However, such spikes are currently absent, suggesting low exit activity.
Nevertheless, Pillows warned that if ETH fails to break above the $2,350 resistance level soon, it may revisit the $2,100 support. A failure to hold this level could expose the asset to a further decline toward $1,800.
On the other hand, crypto trader Merlijn The Trader offered a more optimistic take. The analyst compared Ethereum’s current price behavior to the accumulation phase seen between 2019 and 2021, stating that “ETH to five-figures isn’t a dream,” implying a long-term bullish outlook remains intact.
