Ethereum Buy Signal? Investors Accumulate 1.63 Million ETH

Over the past few days, the cryptocurrency market has seen a significant decrease in prices. Ethereum (ETH), the second-largest cryptocurrency by market cap, has dipped to a critical level near $1,800 for the first time since 2023. Despite this drop, many investors and long-term holders see this as a prime opportunity to buy.

Today, on March 13, 2025, a well-known crypto expert took to X (formerly Twitter) to highlight the key level for Ethereum at $1,887. It was revealed that whales and investors have accumulated 1.63 million ETH tokens at this level. This announcement has sparked a lot of interest among crypto enthusiasts, leading to discussions about whether it signifies a bullish trend for investors or presents an attractive buying opportunity.

In terms of technical analysis, Ethereum is currently hovering around a crucial support level of $1,800. If the asset fails to maintain this level, there is a possibility of a significant price drop in the near future. However, if Ethereum manages to stay above $1,800, experts predict a potential 20% increase, pushing the price up to $2,200. Conversely, a drop below $1,780 could result in a 16% decrease, bringing the price down to $1,500.

The Relative Strength Index (RSI) for ETH is currently showing signs of weakness, as it is approaching the oversold territory. This indicates a lack of strength in the asset and suggests that the price may decline further in the coming days.

As of now, Ethereum is trading around $1,840, reflecting a 2.5% decrease in the past 24 hours. However, the trading volume has also dropped by 30%, indicating reduced participation from traders and investors compared to previous days.

Data from the on-chain analytics firm Coinglass reveals that intraday traders have a bearish outlook on Ethereum. Traders are over-leveraged at $1,795, holding $285 million worth of long positions. Additionally, there is another over-leveraged level at $1,920, where traders have $650 million worth of short positions.

This data suggests that traders are currently pessimistic about Ethereum’s price movement and do not anticipate a rise above the $1,920 level. Overall, the market sentiment appears to be cautious, with investors closely monitoring Ethereum’s performance in the coming days.