Ethereum’s price has surged recently, breaking through crucial resistance levels and fueled by strong buying interest. Market dominance is growing, particularly with Bitcoin regaining its upward trajectory above $85,000. On-chain indicators point to a bullish momentum as Ethereum approaches a descending resistance line. However, a decline in whale activity could alter the forecast. Ethereum’s trading volume has declined despite recent price gains of nearly 6% over the past week, according to data from Coinglass. The large transaction volume metric has also dipped significantly, reflecting a reduction in activity from high-net-worth investors, as evidenced by a drop in Ethereum wallet holdings with significant balances, a trend observed since the beginning of 2023. Whale activity on Ethereum has declined considerably from a peak of $9.81 billion to just $2.75 billion, suggesting a decrease in interest among large players. On April 14, a prominent whale moved 20,000 ETH (worth around $32.4 million) to the Kraken exchange, potentially for selling purposes. A series of transactions by a notable Ethereum investor from its early days has also been observed. Adding to this dynamic is the decreasing open interest in the Ethereum market, which stands at about $17.91 billion – indicating a possible slowdown in the price’s recovery and increase the likelihood of a short-term pullback. Will bulls be able to break through resistance or will the trend reverse?