Ethereum Gains 0.38% Amid Whale Activity and Tariff Fears

Ethereum, the second-largest cryptocurrency by market capitalization, has shown signs of a potential resurgence after a period of underperformance against other major cryptocurrencies. On April 5, 2025, ETH was trading near $1,811, with a modest 0.38% gain, while Bitcoin, Solana, and XRP experienced stronger rallies. The recent imposition of a 34% tariff on U.S. goods by China has created nervousness in global markets, which historically has driven investors towards alternative assets like cryptocurrencies. Ethereum, in particular, is attracting interest due to increasing whale activity and a constructive technical setup.

Despite a recent 5% price drop, there is a strong confidence level among major market players. Since February, the number of wallets holding between 10,000 and 100,000 ETH has been increasing steadily. Analyst Mister Crypto compared the current ETH price movement to the 2020 breakout, suggesting that Q2 2025 could be a catalyst for another bull run. John Morgan identified a falling wedge pattern on the chart, which has historically led to significant ETH price movements. If ETH can remain above the $1,900 price level, it may reach as high as $3,200. The broader ETH market trend has started to shift towards recovery, supported by increasing trading volume and positive sentiment across major exchanges. Momentum indicators such as MACD are bullish, and the price is still above VWAP, with no issues reported at $1,804.

Some analysts remain skeptical, expecting Ethereum to dip lower, possibly towards $1,130, before any serious upside. However, the overall ETH market trend has shown signs of stabilization, with gradual accumulation and a shift in trader sentiment. Other analysts believe that increasing network activity and the macroeconomic scene may be laying the groundwork for significant price movements. If Ethereum whales continue buying and the sentiment remains firm, Ethereum may be just starting to gain momentum.

Ethereum’s 5-minute chart reveals significant volatility and structured movements. Initially, ETH price action formed an ascending channel that broke near the $1,840 mark, coinciding with an overbought RSI zone and a MACD death cross. This led to a sharp decline, carving out a descending channel and finding temporary support around $1,765, aligning with the oversold RSI reading and a golden cross on the MACD. The recovery that followed was supported by a bullish channel structure, with the price gradually climbing toward $1,820 before consolidating sideways within a tight range. RSI oscillated between 35 and 70, indicating neutral momentum, while frequent MACD golden and death crosses reflected short-term indecisiveness.

The broader trading range is defined between the $1,765 support level and the $1,840 resistance zone. ETH price has respected these boundaries, failing to break either decisively. The current upward-sloping channel suggests moderate bullish sentiment, though the recent death cross and declining RSI near 35 hint at potential short-term weakness. MACD remains slightly bearish, reinforcing cautious momentum. As long as the price remains above the midline of the channel, the bullish structure remains valid, but a break below $1,790 could signal a return to the lower range.

Ethereum’s current situation presents a mixed but interesting outlook. While Ethereum whales are accumulating, indicating potential upside, and the falling wedge pattern has historically been bullish, the short-term technical indicators show signs of hesitation. The 5-minute chart demonstrates organized movement on a rising channel, but a recent MACD death cross along with a declining RSI to 35 should put investors on notice. ETH price has maintained a decent distance above VWAP and the $1,804 hold level, maintaining a near-term bullish structure unless ETH takes a dip below $1,790. If buyer pressure returns and momentum pushes above the $1,840 resistance, we may see Ethereum retest the $1,900 breakout. The following levels should be monitored closely for possible price swings, given ETH’s balance between whale-driven optimism and a short-term technical picture doing the opposite.