NEAR Protocol
Pyth Network
Uniswap
Pearl
Quantus
Aerodrome Finance
Starknet
Key Insights:
- BTC forms a death cross, signaling a potential extended bearish trend.
- Price breaks $76.5K, triggering technical and psychological sell pressure.
- Whale wallets rise, suggesting long-term accumulation despite short-term weakness.
Ethereum price plummeted below $1,450 on April 9. This decline reached its lowest point since March 2023, driven by significant whale capitulations.
Additionally, rumors circulated about political wallets offloading their holdings, adding to the market turbulence. At the time of writing, ETH was priced at $1,461.32. It had declined by 7.77% in the last 24 hours and over 24% within the week, as per CoinGecko data.
This sharp Ethereum price drop coincided with increased whale activity. Additionally, concerns over macro policy shifts have fueled the decline. This included the Trump administration’s aggressive tariff stance.
Trump-linked Wallet Exits ETH Position at a Steep Ethereum Price Loss
A wallet connected to Donald Trump’s cryptocurrency project, World Liberty Financial, sold 5,471 ETH during the decline in its value.
This transaction reflects the ongoing turbulence in the cryptocurrency market. The sale totaled $8.01 Million at a rate of $1,465 per coin, as per Lookonchain data.
That wallet previously held 67,498 ETH at an average entry of $3,259. The sale confirmed a realized loss of over 55% from the average buy price.
Crypto Rover cited the same address in a post on X. This suggested it may be linked to the Trump campaign or its financial backers. “TRUMP’S WALLET JUST STARTED DUMPING $ETH AT A LOSS,” Rover claimed, though this remains unverified.
Long-term Whale Misses $27M Peak by Selling Early
The broader sell-off wasn’t limited to Trump-linked entities. Lookonchain also tracked a separate Ethereum whale who sold 10,000 ETH after holding the stack for 900 days.
The wallet accumulated its holdings in October and November 2022 at an average of $1,295. The whale chose to sell at $1,578 instead of exiting near the Ethereum price peak of $4,000.
This decision resulted in a $2.75 Million gain. It was far below the $27.6 Million profit possible at the $4,015 cycle top in December 2023.
The trader is part of a growing trend of long-term holders selling at losses or minimal profits. This comes as ETH continues to slide further into oversold conditions.
Ethereum price loses key trend support as RSI hits oversold levels
Technically, Ethereum’s weekly chart showed prices collapsing through the lower bound of a descending channel. Ethereum price at press time traded below the 50-week EMA ($2,687) and 200-week EMA ($2,265).
Weekly RSI sits at 30.41, suggesting oversold conditions. Popular analyst Ali Martinez sees $1,200 as a potential bottom zone.
The $1,200–$1,000 range aligns with prior support zones from late 2022 and early 2023. Still, until ETH reclaims the 200-week EMA, technical momentum remains skewed to the downside.
ETH/BTC Ratio Sinks to Five-year Low as Underperformance Drags on
Meanwhile, ETH’s underperformance against Bitcoin (BTC) continues to deepen. Analyst James Check noted that Ethereum has only outperformed Bitcoin on 15% of all trading days since mid-2015.
The ETH/BTC ratio fell to 0.018 on April 9—its lowest since December 2019.
Bitcoin, despite dropping 6% to $75,000, still trades 275% above its 2017 bull market peak. Ethereum price, by contrast, now sits below its 2018 cycle high and has erased years of gains.
Critics Warn of Stagnation as Activity Shifts to Layer-2 Networks
Some Ethereum backers have expressed concern over the network’s sluggish growth. Others argue growth has shifted to layer-2 networks like Arbitrum and Optimism.
According to L2Beat, these chains now account for a growing share of Ethereum’s total value locked. ETH drop below $1,450 comes amid a perfect storm—macro uncertainty, whale capitulations, and weakening technicals.
As prominent players like World Liberty Financial exit at a loss, long-term whales are missing out on peak gains. The future of ETH now depends on whether the crucial $1,200 support level remains intact.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
