Ethereum (ETH) is struggling to regain its bullish momentum as on-chain data reveals significant selling pressure from whales, a weakening ETH/BTC ratio, and a declining share in the decentralized finance (DeFi) market. These factors have led to ETH trading around $1,883, well below its 20-day Exponential Moving Average (EMA), signaling a bearish trend.
Whales sold 760,000 #Ethereum $ETH in the last two weeks! pic.twitter.com/lpb6ZfIV1C
— Ali (@ali_charts) April 2, 2025
Whale Selloff and Market Activity Decline
Crypto analyst Ali Martinez reports that large Ethereum holders have offloaded approximately 760,000 ETH over the past two weeks, contributing to the token’s recent price weakness. Additionally, the number of large ETH transactions has plummeted by 63.8% since February 25, indicating a significant decline in whale activity.
Since Feb 25, the number of large #Ethereum $ETH transactions has declined by 63.8%, signaling a drop in whale activity on the network. pic.twitter.com/DBKmYKAR3q
— Ali (@ali_charts) April 2, 2025
This drop in major transactions suggests that institutional investors and high-net-worth individuals are either exiting their ETH positions or staying on the sidelines. Such behavior leads to reduced market liquidity, lower confidence, and weaker price support. If this selling trend continues, Ethereum could struggle to break out of its current downtrend.
ETH/BTC Ratio Hits a 3-Year Low
Ethereum’s performance relative to Bitcoin has been deteriorating, with the ETH/BTC ratio dropping to 0.022—the lowest level since December 2020. This marks a dramatic 73% decline from its September 2022 peak of 0.085.
From this angle, the $ETH / $BTC trading pair could be heading to 0.0020! pic.twitter.com/6kbCwP5krT
— Ali (@ali_charts) April 2, 2025
At $1,880, Ethereum is down 9% over the past week and remains 62% below its all-time high of $4,890 set in November 2021. Meanwhile, Bitcoin has shown greater resilience, currently trading at $84,300, with only a 10% year-to-date (YTD) decline. In contrast, Ethereum has dropped 46% YTD, highlighting waning investor confidence.
Ethereum’s Shrinking DeFi Dominance
Ethereum’s total value locked (TVL) in DeFi protocols has fallen to $50.68 billion, representing 52.76% of the market. This is a notable decline from its 61.64% share in February 2024, suggesting capital is shifting to alternative blockchains like Solana.
Solana’s TVL has surged from 2.84% to 7.24%, reaching $6.69 billion—a more than 2.5x increase in just over a year. The rise of more efficient, cost-effective networks underscores Ethereum’s ongoing scalability challenges.
Also Read: Ethereum Overtakes Solana in DEX Trading Volume for the First Time Since 2024
Technical Indicators Signal Further Weakness
ETH is currently trading below its 20-day EMA of $1,963, a technical indicator that suggests continued bearish momentum. If Ethereum fails to reclaim key resistance levels soon, further declines may be imminent.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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