Ethereum Price Teeters At $1,800 As Whales Dump 760K ETH

Ethereum price hovers near $1,800 as whales dump 760K ETH and ETF outflows persist. Despite a minor bounce, traders and investors remain skeptical of a strong ETH recovery.

ETH Derivatives Flash Caution Despite Support Holding

Ethereum price bounced 6.4% from its Mar. 30 low of $1,768. But despite the recovery, ETH has failed to reclaim the $2,000 psychological level.

The bounce comes as Ethereum ended Q1 2025 with a 45% year-to-date loss.

The network continues to face pressure from waning decentralized application (DApp) activity and broader crypto market weakness.

Professional traders appear unconvinced by the rebound. Data from Laevitas.ch shows the ETH futures premium remains below the 5% neutral mark, reflecting reduced confidence.

On Apr. 2, the annualized premium rose to 4%, up from 2% on Mar. 31, but it still signals risk-off behavior.

At the same time, the ETH options market shows growing fear. The 25% delta skew, which compares call and put options, sits at 7%, retreating from 9% just days earlier.

The skew remains above the neutral zone, suggesting that traders are paying a premium to hedge downside risks.

Whale Selloff Deepens Ethereum Price Bearish Sentiment

Ethereum’s price weakness coincides with an ongoing wave of large-holder exits. On-chain data shared by crypto analyst Ali Martinez shows Ethereum whales have sold 760,000 ETH since Feb. 25.

Large transaction volume among whales has dropped 63.8% over the past five weeks.

This withdrawal hints at declining institutional participation during a period of heightened price vulnerability.

With Ethereum now hovering just above the $1,800 support, some analysts view the situation as a make-or-break moment.

A breakdown could open a path toward $1,000 or even $610, according to Merlijn the Trader.

ETH remains within a long-term descending channel since 2018, currently testing its mid-band resistance.

If the $1,800 zone fails to hold, price targets could drop as low as $610. If it rebounds, upside targets include $10,000 by 2025—at least according to @CryptooELITES, who posted,

“The path is clear, just stay focused and trust the process!”

Retail Traders Remain on the Sidelines

The ETH perpetual futures funding rate has remained neutral since Mar. 31. Funding rates typically range from 0.1% to 0.3% in healthy markets. A flat reading suggests traders are unwilling to bet on either direction.

A contributing factor may be outflows from Ether exchange-traded funds (ETFs). Over the past two weeks, spot ETH ETFs recorded $37 million in net withdrawals.

That has dampened retail enthusiasm, even with ETH trading at a perceived discount.

DApp Revenue Drops While DeFi Remains Resilient

Ethereum’s reduced appeal among traders aligns with a 49% drop in DApp revenue between Jan. and Mar. 2025.

The slowdown has curbed on-chain activity and new user inflow. However, not all metrics point to weakness.

Stablecoin holdings on Ethereum have climbed to $124.5 billion, nearing all-time highs. The network also leads in total value locked (TVL), with $50 billion as of this week.

Despite fading NFT sales and a deflating memecoin market, Ethereum maintains dominance in decentralized finance.

Developers continue building complex DeFi products and structured instruments, though retail adoption has lagged.

Analysts Split on ETH’s Next Move

Analysts remain split on whether ETH has bottomed. Popular trader Michael van de Poppe believes altcoins will gain momentum if Gold tops out. He posted on X,

“If Gold starts to correct this month, likely ETH starts to outperform Bitcoin.”

Meanwhile, Ethereum’s technical position remains fragile. It has failed to close a single month in Q1 in the green.

The rejection from the $2,000 level adds to the narrative of a fragile recovery. ETH trades at $1,833 at press time, with daily volumes thinning and volatility compressing.

Price action may hinge on external catalysts with both whale and retail interest subdued.