Ethereum has made a strong move lately since the ETH price moved past the $2,600 mark after weeks of range-bound trading. However, some analysts are sounding alarm of a potential pullback. Despite bullish signals from large holders, technical and on-chain data suggest that Ethereum may not be ready for a sustained breakout just yet. In fact, a pullback might be coming before any move toward higher targets.
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Crypto Patel Predicts an Ethereum Pullback Before the Next Rally
Well-known trader and analyst Crypto Patel shared a chart highlighting the recent rejection Ethereum faced near the $2,500 to $2,800 range. This area is marked by both a Fair Value Gap (FVG) and a bearish order block, zones that often act as strong resistance. ETH briefly pushed into that region, but the price was quickly rejected, which Patel interprets as the start of a correction phase.
According to his analysis, the Ethereum price could drop into the $1,930 to $2,100 range over the coming weeks. This level isn’t just any support. It aligns with another FVG and sits just above a major bullish order block around $1,810. Patel views this zone as a high-probability re-entry area, especially if Ethereum shows signs of stabilizing there. His forecast includes a possible bounce from that region that could set the stage for a much larger move, potentially taking ETH toward $4,000 or even $5,000 later this year.
$ETH Pullback Loading: Is $1,800 the Next Big Buy Zone?#Ethereum faced rejection near the $2,500 FVG zone and is now entering a correction phase.
— Crypto Patel (@CryptoPatel) May 17, 2025
Price may drop into the $1,930–$2,100 FVG zone, which aligns with a strong bullish order block around $1,810.
This area is a… pic.twitter.com/tExGXoojfZ
The Ethereum chart shows a projected path where price pulls back slowly into that demand zone, consolidates, and then begins a strong upward trend. Patel explains that the key to this scenario playing out is whether demand steps in at the $1,810 to $2,100 range. If that level holds, he believes the next leg up could come fast and with force.
Ali Martinez Spots Whale Activity Behind the Scenes
Even though technical indicators point to a possible short-term dip, on-chain data is telling a bullish story in the background. CryptoQuant data shared by Ali Martinez shows that whales, specifically wallets holding between 10,000 and 100,000 ETH, have accumulated over 450,000 ETH in the past month alone. Their combined balance rose from around 16.3 million to nearly 16.8 million ETH.
This pattern is important. Historically, whale accumulation tends to happen before major rallies, not after. These holders are often considered “smart money” because they act early and with conviction. In this case, the whale buying began before the price spike, suggesting that large investors anticipated the move and positioned themselves ahead of time.
Whales have accumulated over 450,000 #Ethereum $ETH in the past month! pic.twitter.com/iog41CbHLo
— Ali (@ali_charts) May 17, 2025
Martinez’s chart shows a clear rise in whale holdings beginning in early April and continuing steadily through May 13, when Ethereum hit $2,679. It also shows that the increase in whale activity directly preceded the sharp rise in ETH price, giving more weight to the idea that big players are preparing for something bigger.
The key takeaway from Ali’s analysis is that while retail traders may just be getting excited now, the whales have already made their move. This could be a sign of growing institutional confidence in Ethereum’s long-term outlook.
Wrapping Up
Put together, these two analyses form a clear message. Yes, the long-term signs for Ethereum are bullish. Yes, large holders are accumulating aggressively. But no, that doesn’t mean now is the best time to jump in.
If Ethereum revisits the $1,810 to $2,100 zone and shows support, it could offer a much stronger and safer entry for long-term bulls. For now, the best strategy might be to watch patiently while the whales quietly lead the way.
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