ETH Whales Push Buying Pressure Before Pectra Mainnet—Can Ethereum Rally Past $2,000?

Ethereum (ETH) is seeing an increase in whale activity after developers confirmed April 30 as the tentative date for the Pectra mainnet upgrade. This announcement was made during the latest All Core Developers Consensus (ACDC) call. This has sparked fresh investor interest, even though the upgrade doesn’t directly impact ETH’s price. However, its potential to enhance network efficiency and overall activity is enough to drive big investors to accumulate more ETH. ETH whales are making moves in different ways—some are securing their holdings in staking protocols, while others are using DeFi platforms to maximize returns. 

The growing demand is evident in blockchain data: Lookonchain reported that a whale recently purchased 51,209 ETH (worth $103 million) via Coinbase, highlighting a strong belief in Ethereum’s future. Additionally, exchange reserves for ETH have dropped by nearly 1 million ETH since March 3, a clear sign that more investors are holding onto their assets rather than selling, further strengthening buying pressure.

Market Reactions: Will ETH Surge Before the Upgrade?

The Pectra upgrade successfully launched on the Hoodi testnet earlier this week, but developers remain cautious due to previous setbacks on the Holesky and Sepolia testnets. If the April 30 upgrade is officially confirmed next week, Ethereum could experience heightened volatility as traders position themselves for potential price movements.

Chart 1- Published on FXStreet on March 28, 2025

Despite increasing whale activity, macroeconomic factors continue to weigh on Ethereum’s price. Exchange-traded funds (ETFs) linked to Ethereum have seen consistent outflows since February, reflecting cautious investor sentiment. Additionally, recent US government transfers of 884 ETH worth $1.77 million to an unknown wallet have fueled speculation, especially after President Donald Trump’s executive order to build a strategic digital asset reserve.

Ethereum’s Technical Outlook: Bullish or Bearish?

Ethereum recently faced $29.38 million in liquidations, showing that the market has been experiencing a lot of uncertainty. The price struggled to break past $2,069, causing ETH to drop below an important level. If Ethereum falls below $1,800, it could mark a stronger downtrend, possibly pushing the price toward $1,500 or as low as $1,200.If Ethereum manages to rise above $2,069 again. The next few days will be very important for Ethereum’s price direction. If buyers continue to show strong interest, ETH could build momentum and aim for higher levels. However, if it struggles to break past this key resistance, the price may even drop further. Investors will be watching closely to see which way Ethereum moves next.

What’s Next For Ethereum?

With the Pectra mainnet upgrade on the horizon, it is a crucial point for Ethereum’s price. ETH whales are coming together, signaling strong confidence in the crypto’s future. However, macroeconomic factors and technical signals show that the market could go either way. The Ethereum price forecast is currently unknown. If the buying continues in the market, ETH could go over $2,000, setting the stage for further gains. But on the other side, if the selling pressure takes over, we could see a dip toward $1,500. The next few weeks will let us know Ethereum’s direction.

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