Large Ethereum holders have been actively accumulating the cryptocurrency over the past several days, adding roughly 140,000 ETH valued at around $322 million. This buying pressure comes as the asset stabilizes just above $2,300, with minimal daily price movement.
Data from on-chain analytics reveals that whale wallets increased their holdings from approximately 13.78 million ETH to nearly 13.98 million ETH over a four-day period starting May 1. This gradual accumulation suggests strategic positioning by major investors rather than a single large transaction, even as ETH trades within a narrow range.
Despite the whale activity, traders remain cautious. The price of Ethereum has hovered near $2,305 with a slight 0.1% uptick over 24 hours, though it remains down over the weekly period. Daily trading volume sits at $6.8 billion, indicating a market in wait-and-see mode.
The $2,200 support level continues to be a focal point for analysts. Holding above this threshold is critical to maintain the current market structure. If ETH stays above $2,200, a gradual recovery toward the $2,800 resistance zone could unfold. A breakout above $2,400 would provide traders with a stronger bullish signal.
However, downside risks persist. A drop below $2,200 could undermine the prevailing structure and expose ETH to a move toward the $1,900 area. The intraday chart shows a choppy, slow environment where participants are waiting for clearer directional cues before committing to new positions.
ETH has been building a base around the $1,800 to $2,000 range following a sharp decline earlier this year. While higher lows have formed, the asset remains below a major descending trendline. The $2,400 resistance zone is the next critical hurdle; a decisive move above it could open the door to $2,600 and eventually $2,800. The broader resistance near $3,700 remains a distant target for any sustained recovery.