Ethereum price declined to $1,969 today after a a 4.44% decrease over the last 24 hours, mirroring the broader market decline that reduced total crypto market capitalization by 2.49%.
Throughout the trading period, the ETH price declined as sellers maintained full control and the ETH-USD pair underperformed major currencies globally. The downtick came as on-chain data indicated that whales continued to accumulate, and analysts weighed whether Ethereum had indeed bottomed out in the cycle at $1,890.
Institutional Accumulation Builds as Sentiment Remains Depressed
Ethereum’s slide unfolded as sentiment deteriorated. Fundstrat’s Tom Lee said Bitcoin and Ethereum are nearing price bottoms, pointing to extreme pessimism and extended weak price action.
According to Tom DeMark’s projections cited by Lee in an interview with Farokh, Ethereum was expected to bottom near $1,890 after losing support at $2,400. At $1,969, Ethereum trades just above that level, with Lee saying one final undercut may be needed before a durable low forms.
Meanwhile, skepticism remains, as earlier bullish forecasts have not materialized, and both assets remain well below prior highs. Ethereum is still 60% below its all-time high.
Institutional exposure to Ethereum-linked vehicles continues to grow. BlackRock raised its BitMine stake by about 166% to $246 million at the end of 2025. Over the past week, Cathie Wood’s Ark Invest bought more than 200,000 shares across three ETFs. Wall Street firms continue to build Ethereum treasury exposure despite the downturn.
Capital rotation has also weighed on crypto. Lee said gold’s rally drew momentum-driven flows and fear-based buying toward metals. While easing monetary policy and a weaker dollar typically support both markets, defensive positioning has pulled funds away from Ethereum.
On-chain data adds another layer. Crypto Seth flagged rising ETH inflows into accumulation addresses, saying whales are buying as retail capitulates. Analysts also noted that whales remain in unrealized losses and have not taken profits this cycle, describing the current range as a potential bottom zone as large holders continue to add.
Ethereum Price Outlook: Analysts Await Structure Shift
Technical indicators suggest the Ethereum price remains fragile. World of Charts observed ETH working from a strong horizontal level aligned with a long-term ascending trendline that has produced reactions in prior years. That zone has been tested, but momentum remains unclear.
According to the popular analyst, a weekly close reclaiming trendline resistance would shift the structure toward a more constructive stance. Until then, the broader formation still appears weak, and the price remains below the former support near $2,400.
Lee’s reference to DeMark’s $1,890 projection places immediate focus on that level as downside support. Ethereum is trading slightly above it, but no decisive reversal has developed. Traders are watching for confirmation through structure repair rather than anticipating it.
For now, the Ethereum price trades heavily, positioned between institutional accumulation narratives and unresolved technical weakness.
READ MORE: Crypto Linked to Human Trafficking Jumps 85%: Chainalysis
