Ethereum (ETH), the world’s second-largest cryptocurrency, seems to be struggling and is poised for a massive price drop due to a notable decline in the past 24 hours. On March 4, 2025, with a 12% price drop, Ether has breached one of its crucial support levels, which it had been holding since December 2023.

Ethereum (ETH) Technical Analysis and Upcoming Level 

This breakdown has partially shifted market sentiment toward the bearish side. According to expert technical analysis, ETH appears bearish as it has fallen below the crucial support level of $2,200. Following this breakdown, the altcoin has cleared its path for a further price decline.

Based on recent price action and historical momentum, if ETH closes a daily candle below the $2,065 level, there is a strong possibility it could drop by 26% to reach the next support at $1,500 in the coming days.

With a continuous price decline, ETH has fallen far from the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating that the asset is in a downtrend.

Bullish On-Chain Metrics 

Despite the bearish price action and continues price drop, whales and long-term seems to be accumulating the token, as reported by the on-chain analytics firm CoinGlass and the blockchain-based transactions tracker Lookonchain.

Whales’ Buy $10.40 Million Worth of ETH

In a recent post on X (Previously Twitter) Lookonchain noted that a crypto whale know as 7 siblings has once again spent $10.36 million and has purchased a 4,993 ETH at an average price of $2,075. With these substantial accumulation of ETH tokens, this crypto whales’ ETH holding soars to 1,157,000 ETH worth $2.4 billion in the two wallet. 

However, last time they have purchased on February 25, when they have spent 28.75 million DAI token and have bought 12,070 ETH, with an average price price of $2,382 level.

$130 Million Worth of ETH Outflow

Besides whales rising interest amid price dip, it also appears that long-term have significantly accumulated ETH tokens. Data from spot inflow/outflow revealed that exchanges have witnessed an outflow of a significant $130 million worth of ETH in the past 24 hours, that indicating potential accumulation. 

Despite all these accumulation and token outflow, ETH is currently trading near $2,070 and has experienced price drop of over 12% in the past 24 hours hour. However, during the same period its trading volume dropped by 12%, indicating lower participation from traders and investors which potentially caused by huge price fluctuation.