Ethereum (ETH): The Tug of War Between Whales Bottoming Out and Geopolitical Pressure

Ethereum is currently trading at around $2,049 to $2,070. Over the past 24 hours, it is down about 0.5% to 1.4%. The 24-hour trading range is $2,041.66 to $2,080.34. The extremely narrow range reflects a lack of market directional conviction similar to Bitcoin’s. ETH is currently about 11% below the realized breakeven level of $2,349. Most holders are close to the breakeven point, and early accumulation signals are beginning to show—whales are buying heavily, and the $2,140 resistance level has become the key battleground between bulls and bears.

In terms of geopolitics, as Trump continues to escalate hardline rhetoric about the possibility of further actions against Iran, overall risk appetite has weakened across the board. On Friday, the ETH price broke below $2,200, after being rejected earlier in the week in a key resistance zone. In addition, on April 2, Trump signed a document imposing a 100% tariff on imported patented drugs and pharmaceutical ingredients under Section 232 of the 1962 Trade Expansion Act, while imposing a uniform 25% tariff on steel, aluminum, copper, and related products. This round of trade friction escalation has intensified risk-averse sentiment in global capital markets; risk assets overall are under pressure. As a high-beta crypto asset, ETH has been affected even more significantly. The Ethereum Foundation recently staked about $93 million worth of ETH (70,000 tokens), achieving its strategic staking goal and providing some support for long-term confidence.

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