The largest altcoin by market cap has been among the biggest underperformers during the late 2024/early 2025 bull run, which saw many assets, including BTC, chart fresh peaks.

ETHs most recent performance has been even more painful, as the asset dumped to its lowest level since November 2023 at under $1,800. The question raised now by analysts is whether ETH will continue losing ground and dump to $1,250.

ETH at $1,250?

Remember 2021? Back then, ETH was charting massive gains and its price soared toward $5,000. In fact, speculations emerged about a potential event called the flippening, in which Ethereum could surpass Bitcoin and become the worlds largest cryptocurrency.

Fast-forward some three and a half years later and that seems as distant from reality as fiat money becoming disinflationary. ETH bottomed below $1,000 during the 2022 bear market but went on the offensive again two years later. It failed to decisively overcome the $4,000 target despite its numerous attempts to conquer it in 2024. The latest rejection came in mid-December.

Since then, ETHs price has nosedived hard, which culminated (for now) earlier this week with a drop below $1,800. As such, Ethereum not only erased all the gains registered after Trumps presidential election victory but even plunged to its lowest levels since November 2023.

According to Ali Martinez, a crypto analyst with over 130,000 followers on X, the assets price drop meant that it had broken out of a years-long parallel channel, which could spell further trouble. In fact, he forecasted a slump to $1,250 a level not seen in over two years.

#Ethereum $ETH targets $1,250 after breaking out from this parallel channel! pic.twitter.com/XS3N9p8Unr

But ETH Whales Keep Buying

CryptoPotato has repeatedly reported in recent weeks Ethereum whales predominantly bullish behavior. Recall that within a 48-hour period alone, they accumulated 1.1 million ETH, which is nearly 1% of the total supply. At the prices back then, it was worth over $2 billion in USD.

Martinez brought another chart showing that these large entities acquired more than 420,000 ETH in the following five days, valued at $800 million at todays prices. Such massive accumulations should benefit the underlying asset as they decrease the immediate selling pressure. However, ETHs price is yet to stage a notable recovery as it still sits below $2,000.

Whales have bought more than 420,000 #Ethereum $ETH in the last five days! pic.twitter.com/ZFF57gbq0e