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2025 has not started off strong for Ethereum (ETH), as the second-largest digital asset by market cap continues to trade below its annual opening price. Recent on-chain movements also suggest that crypto whales may be losing confidence in ETH’s ability to deliver significant returns.
Are whales losing confidence in Ethereum?
While cryptocurrencies like Bitcoin (BTC), SUI, and Solana (SOL) saw stellar performances in 2024 – delivering exceptional returns to investors and reaching all-time highs (ATH) – Ethereum’s journey has been relatively disappointing.
Unlike its peers, which set new ATHs in 2024, Ethereum’s ATH price of $4,878 has not been changed since November 2021. This highlights ETH’s relatively weaker price performance in the past year.
Furthermore, Ethereum has repeatedly failed to break the stubborn $4,000 resistance level throughout 2024. Ethereum is currently trading in the low-$3,000 range, still roughly 35% below its ATH.
On-chain analysis now reveals that Ethereum’s disappointing performance is beginning to shake the confidence of its largest holders. According to X mail Via cryptocurrency tracking account Lookonchain, some whales started selling ETH at a loss.
According to the post, three wallets – likely controlled by the same whale – sold 10,070 ETH for 33 million DAI. The trade was executed at a market price of $3,280, resulting in the whale losing $1 million.
Interestingly, this particular whale seems to be an experienced market participant. In December 2024, the same entity withdrew 24,029 Ethereum – worth over $81 million at the time – from Binance. Despite the recent sale, the whale still holds 13,959 ETH, worth $45.48 million at current prices.
There are also still concerns about Ethereum’s foundation duplication He practices Sell ETH near market tops. Modern mail Spot On Chain revealed that the organization actually sold some ETH in 2025. In 2024, the organization offloaded 4,466 ETH for $12.61 million, raising questions about its timing and strategy.
Could ETH make adjustments in 2025?
Although 2024 was lackluster for Ethereum in terms of price performance, 2025 holds promise, thanks to strengthening fundamentals and growing institutional interest in the digital asset. For example, the US Securities and Exchange Commission (SEC) recently consent The first hybrid exchange-traded fund on BTC and ETH, signaling increasing mainstream acceptance.
From a technical perspective, things also appear to be improving for Ethereum. Final analysis Highlights An inverse head and shoulders pattern is forming on the 3-day chart, which could finally pave the way for ETH to break through the $4,000 resistance level.
In addition to historical data Pointing Ethereum tends to outperform other digital assets during January following a US election year, adding to the optimism surrounding its price trajectory. At press time, Ethereum is trading at $3,210, up 6% in the past 24 hours.
Featured image from Unsplash.com, charts from X and TradingView.com
