Ethereum has been struggling below the $2,800 mark since last Thursday, leaving bulls in trouble as the price continues to trade beneath key supply levels. This bearish price action has shaken investor confidence, especially among those who anticipated 2025 would be a bullish year for Ethereum. Last week’s massive selling pressure further compounded fears, with ETH struggling to reclaim lost ground.

The current market sentiment toward ETH reflects growing uncertainty, as the second-largest cryptocurrency fails to show signs of a strong recovery. Investors are worried that ETH’s underwhelming performance could persist, especially as it lags behind Bitcoin and other altcoins that have shown relative strength in recent weeks. Many now question whether Ethereum can regain the bullish momentum it has been known for in previous cycles.

Despite these challenges, there are glimmers of optimism. Key on-chain metrics shared by crypto analyst Ali Martinez reveal an interesting trend: the number of Ethereum whales holding over 10,000 ETH has risen by 2.30% since February 1.

This suggests that large holders accumulate Ethereum during this consolidation phase, potentially signaling confidence in its long-term prospects. Whether this accumulation will translate into price recovery remains to be seen, but it adds a layer of intrigue to Ethereum’s current market dynamics.

Ethereum Accumulation Taking Place

After last week’s dramatic sell-off, which saw Ethereum plummet from $3,150 to $2,150 in less than two days, the price has struggled to reclaim key supply levels. While ETH managed a strong recovery from its lows, pushing back to the $2,700 mark, it still faces significant resistance and remains in a bearish trend. Bulls are under pressure, with the $3,000 level emerging as the critical threshold to regain control and shift the narrative toward a bullish recovery.

Despite the challenging price action, there are signs of optimism for Ethereum’s long-term outlook. Key metrics shared by top analyst Ali Martinez reveal that the number of Ethereum whales—wallets holding over 10,000 ETH—has risen by 2.30% since February 1.