Bitcoin tests a key support level

Weekend sell-offs pulled Bitcoin down to 93,029 dollars, slipping below the 93,507-dollar level where the year began. A mild rebound lifted BTC back toward 94,209 dollars, yet overall pressure on the crypto market remains intact. Meanwhile, investors continue to question why the market failed to recover even after the U.S. government ended its 43-day shutdown. This development created a contrast with the optimistic expectations that dominated early 2025.

Corporate interest rises, but the price remains under pressure

The strong outlook at the beginning of 2025 was supported by the Trump administration’s pro-crypto stance and increasing corporate Bitcoin treasury allocations. Additionally, fresh inflows into spot Bitcoin ETFs boosted expectations. Despite these favorable factors, BTC continued its decline as regulatory momentum increased. A major reason behind the weak price action has been profit-taking by long-term holders and OG Bitcoin investors. According to Glassnode analysts, this behavior is not panic-driven but rather a typical late-cycle pattern. At the same time, leading altcoins such as Ethereum and Solana have also fallen between 7 and 28 percent, showing that the downturn is market-wide.

Bitcoin cycle debate resurfaces

Analysts have renewed discussions on whether the classic four-year Bitcoin cycle still applies. With institutional participation rising, some believe traditional models have lost their predictive power. However, several experts still expect a strong bull phase in 2026. Bitwise CIO Matt Hougan argues that macroeconomic conditions combined with the “debasement trade” could trigger a new surge in BTC. Furthermore, the continued growth of stablecoins and tokenization supports the long-term expansion of the crypto ecosystem. Greater user adoption and clearer regulations are also listed among the constructive long-term factors.

BTC Analysis

Our analyst reports that Bitcoin continues to maintain its long-term upward trend on the weekly chart. The sharp correction from 110,000 dollars in January to 74,000 dollars created the same panic cycle seen in previous market phases. From that level, BTC rallied strongly toward 126,000 dollars, forming a new upward leg. A similar scenario remains possible in the current structure.

Technically, the potential reversal zone sits between 88,000 and 73,000 dollars. The price may bounce earlier, but the key factor is whether a confirmed breakout follows. Without such a breakout, BTC could revisit 106,000 dollars before turning downward again. For this reason, waiting for breakouts instead of trying to catch the exact bottom offers a safer strategy.

As long as the 73,000-dollar level holds, the overall trend structure is not expected to face major deterioration. Investors seeking to move with the trend may benefit from waiting for clearer direction and confirmation.

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Previously, we highlighted the importance of the $2,550 level—and now, ETH seems ready to challenge it once more.

Critical Moment at Key Support

On the 4-hour chart, ETH is pressing against the $2,550 threshold. A clear close below this line could trigger a broader market pullback. If this support fails, the next target stands at $2,350, which could spell trouble for altcoins across the board.

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Volatility is high, and caution is advised. A support breakdown could set off a bearish domino effect.

Recovery or Just a Pause?

Despite a healthy bounce from the upward trend line, the danger hasn’t fully passed. Temporary recoveries can be deceptive. Analysts suggest waiting for clearer confirmation before making significant trading decisions.

Especially for those involved in leveraged trading, it’s crucial to manage risk carefully. Sharp drops might offer buying opportunities—but they can also trap hasty traders in losing positions.

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A whale that held 10,000 Ether for nearly 900 days has sold all of its holdings, potentially missing out on a maximum profit of $27.6 million. This amount was during the period when ETH exceeded $4,000.

On April 8, the blockchain analysis platform Lookonchain announced on X platform that this whale purchased a total of 10,000 ETH for about $13 million in October and November 2022, with an average purchase price of around $1,295.

Lookonchain stated, “Despite ETH surpassing $4,000, the whale did not sell. However, by selling today, it made a profit of $2.75 million, whereas at its peak, this profit could have reached $27.6 million.”

At the time of the sale, the price of ETH was around $1,578. According to CoinGecko data, ETH had reached a high of $4,015 on December 9 during the period when the whale held its ETH.

Currently, the price of ETH is around $1,426, and it has depreciated by 24% in the last seven days. The sharp decline is believed to be significantly impacted by the global trade tariffs announced during the Trump administration.

Did World Liberty Financial Sell ETH?

In another post on April 9, Lookonchain shared on X that a wallet potentially associated with World Liberty Financial, a project backed by Donald Trump, might have also sold Ether.

According to claims, this wallet sold 5,471 ETH, worth approximately $8.01 million, at a price of $1,465. Before this sale, the wallet contained a total of 67,498 Ether, which had been purchased at an average price of $3,259.

Other Whales Taking Action in the Market

During the sharp downturn in the crypto market, some investors made purchases while several large whales also executed noteworthy transactions.

On April 7, an unidentified investor had to add 10,000 ETH (worth around $14.5 million) to their position in order to prevent the 220,000 ETH (around $300 million) position from being liquidated.

However, not all investors were so fortunate. On April 6, a 67,570 ETH (approximately $106 million) position on the decentralized finance platform Sky was liquidated, leading to a significant loss for the investor.

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On the other hand, if Ethereum fails to hold $1,870, the downtrend could deepen. In this scenario, the next critical support lies at $1,745. A break below this level could trigger further declines, especially if broader market conditions remain bearish. Ethereum’s price action will depend on macroeconomic factors and overall sentiment in the crypto market.

Ethereum’s Key Technical Levels

The most important short-term resistance zone for Ethereum is between $1,920 – $1,960. If the price fails to break above this range, selling pressure could persist. However, a strong breakout with high trading volume could send Ethereum toward the $2,108 resistance level. This would require improved market sentiment and increased buying activity.

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On the downside, $1,870 remains a crucial support level. If it fails, Ethereum could drop toward $1,745. Investors should closely monitor Bitcoin’s price action, as a deeper decline in BTC could accelerate Ethereum’s losses. Liquidity levels and overall market trends will be key indicators for the next move.

Ethereum Searching for Direction: What Should Investors Watch?

Bitcoin’s movements remain a major driver of Ethereum’s short-term price action. If BTC starts recovering, Ethereum could follow. However, macroeconomic uncertainty and global financial conditions may create additional volatility in the crypto market.

Additionally, large investors’ buy or sell orders could significantly influence price direction. If Ethereum fails to hold its key support levels, further selling pressure could emerge. However, if the market sentiment shifts positively, Ethereum could enter a new uptrend and retest higher resistance levels.

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According to the Ethereum Foundation, the update will be deployed on the Holesky testnet on February 24, 2025, followed by the Sepolia testnet on March 5, 2025. Finally, the upgrade will go live on the Ethereum mainnet on April 8, 2025.

With this upgrade, the Ethereum network is expected to become faster, more secure, and more user-friendly. It will bring major advancements in account management, transaction speed, and security, making it a key step in Ethereum 2.0’s evolution.

What’s New in the Pectra Upgrade?

Significant improvements will be made in Account Abstraction, simplifying private key management for users. Smart contracts will function directly as wallets, allowing for more secure and efficient transactions. This enhancement will enable a smoother and more seamless experience for Ethereum users.

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From a scalability perspective, the Ethereum network will be able to process more transactions efficiently. Transaction fees will be reduced, and confirmation times will be accelerated. These optimizations will make Ethereum more suitable for broader adoption and high-volume applications.

Security and user experience will also see notable enhancements. Advanced authentication mechanisms will be implemented, making decentralized applications (dApps) more accessible. With these improvements, Ethereum users will experience a safer and more seamless network environment.

The Pectra upgrade is a significant step toward achieving Ethereum’s long-term goals. By improving efficiency, scalability, and user-friendliness, it will contribute greatly to the Ethereum 2.0 roadmap, marking a major innovation in the crypto space.

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This significant inflow occurred despite the leading BlackRock iShares Ethereum Trust fund showing a net zero flow. The majority of the inflows went to the Fidelity Ethereum Fund, with $26.9 million, while the remaining $25.4 million was allocated to the Grayscale Ethereum Mini Trust. The other seven spot Ethereum ETFs saw no inflows. However, the total net balance of all these products fell to negative $490 million due to continued outflows from Grayscale’s high-fee ETHE fund, which has lost $3.1 billion in assets under management since its conversion to a spot ETF in July.

Meanwhile, the 11 spot Bitcoin ETFs in the U.S. recorded a net inflow of $621.9 million on November 6, reversing a trend of outflows over the previous three trading days.

According to preliminary data from Farside Investors, although BlackRock’s iShares Bitcoin Trust experienced its second consecutive day of outflows with a $69.1 million loss, it still recorded its busiest day ever with a trading volume of $4.1 billion. The inflows were led by the Fidelity Wise Origin Bitcoin Fund, which received $308.8 million—the largest inflow since June 4. Bitwise, Ark 21Shares, and Grayscale also saw over $100 million in inflows for their respective products.

Spot crypto markets rose by 4% over the past 24 hours, bringing total market capitalization to $2.64 trillion. Bitcoin hit a new all-time high, surpassing $76,000 in late trading on November 6. Ethereum surged 10% in early trading on November 7, reaching $2,872—its highest price since early August.

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Currently, Ethereum operates with 895,000 validating objects, aiming to encourage decentralization and broad participation in staking. However, this system struggles with transaction intensity that involves numerous signatures.

At the core of Vitalik Buterin’s proposal is a change aiming to eliminate the continual increase in the number of signatures. This involves focusing on decentralized staking pools, potentially increasing the minimum deposit size, and imposing an upper limit on the number of validators.

Moreover, Buterin’s proposal includes a two-layered system: the first layer serves as a heavy layer ensuring finality, and the second layer provides additional security in a lighter structure.

This approach introduces the concept of rotating participation for a selected subset of validators for each slot. Participation probabilities in this process are determined based on the stake size. Buterin’s proposal aims to contribute to the future development of Ethereum by offering a solution to the challenges faced in the PoS mechanism.

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