Despite the recent attempt by the bulls, Ethereum price has struggled to regain past $2,000 levels recently

Market analysts believe that there’s enough possibility that ETH could see another 50% drop to $1,000 as some early ETH whales resolve to heavy profit booking.

Recently, Ethereum price has struggled to regain past $2,000 levels despite the recent attempt by bulls. According to market analysts at AZcoins, there’s enough possibility that ETH could see another 50% drop to $1,000 as some early ETH whales decide on heavy profit booking.

Ethereum Price Struggles to Regain $2,000

Amid the overall market uncertainty, Ethereum continues to face some selling pressure as bulls fail to regain control over $2,000 levels. Crypto analyst Ali Martinez cautions investors to be wary before building fresh positions in ETH.

“Don't get too excited about Ethereum hitting $2,000. Sure, it's a nice round number, but let's zoom out and see the big picture. We're still brewing something bigger. Caution is advised before building fresh positions in ETH at these levels, at least for those who prefer to trade in the direction of the main trend, which is down in this case,” stated Martinez.

According to the below chart shared by Martinez, if bulls fail to hold the Ethereum price above $2,050, it risks further falling to the next support at $1,500, and even below all the way to $1,095 levels, per his recent ETH price prediction.

As of press time, the ETH price is trading 2.26% down at $1,973 with its daily trading volume dropping over 40% to $12.21 billion. Furthermore, the ETH futures open interest has also dropped 4% under $20 billion. A recent ETH price prediction also hints that the crypto will hover near $2K for some time ahead.

Early ETH Whale Sells 34,125 Coins

Blockchain analytics platform SpotonChain reported that a major ETH whale appears to have secured a massive profit of $65.66 million, marking a staggering 4,156% return on investment. The whale’s holdings date back to March 2017 when they acquired the ETH from platforms like Changelly, Bitfinex, ShapeShift, and Binance at an average cost of just $46.3 per token.

The whale, identified as “0x086,” deposited its entire ETH holdings of 34,125 ETH to crypto exchange Coinbase a few hours ago. This transaction happened at an average Ethereum price of $1,970.

Currently, the ETH whale activity remains mixed as some big players are moving it from exchange and moving it to staking to earn the extra yield. These are specifically the long-term ETH holders holding with diamond hands.

BlackRock Explains Why Ethereum ETFs Are Struggling

Despite Ethereum price eyeing a relief rally past $2,000, there’s no major relief for spot Ethereum ETFs. The outflows have continued through March 2025 so far, highlighting a major drop in institutional sentiment.

While speaking at the Digital Asset Summit (DAS) in New York City, BlackRock’s head of digital assets Robbie Mitchnick explained the real reason behind this fall. Mitchnick suggested that the ETFs could have performed better if they had included staking, noting that the absence of this feature made the launch “less perfect.”

“A staking yield is a meaningful part of how you can generate investment return in this space. And all the [Ether] ETFs, of course, at launch did not have staking,” Mitchnick said.

On Thursday, crypto asset manager Bitwise filed a proposal to introduce staking on Ethereum ETFs. The New York Stock Exchange (NYSE) has proposed amendments to permit the listing and trading of shares for the Bitwise Ethereum ETF, integrating staking capabilities.