On-chain data reveals that large Ethereum holders, or whales, have embarked on a significant accumulation spree, purchasing over 140,000 ETH in the last 96 hours. According to analyst Ali Martinez, this buying spree is valued at approximately $322 million at current market prices. This activity reduces immediate selling pressure and could potentially influence smaller investors to follow suit.
The accumulation comes as Ethereum's price shows mixed signals. While ETH is trading near $2,312, it has gained 12.38% over the past 30 days, following two consecutive monthly gains (7% in March and 7.3% in April). However, the broader trend remains weak, with the asset down 22.10% year-to-date and 35.83% over the last 180 days.
Technical analysis indicates key levels: immediate support at $2,053 and resistance at $2,555. A close above $2,555 could open the path toward $2,946 and higher Fibonacci resistance levels at $3,226, $3,503, and $3,845. The Relative Strength Index (RSI) sits at 53.49, near neutral, while the Aroon Oscillator shows recent downside pressure.
Trader positioning leans bullish, with Binance ETH/USDT recording a long/short ratio of 1.5707, and OKX ETH showing a ratio of 1.32. However, analyst CW notes that high-leveraged positions have increased only slightly while shorts have decreased, maintaining what he calls an 'ideal situation' as the market awaits a major trigger. A brief breakout attempt was halted after Iran sent a new proposal to the US, which President Trump dismissed.
Adding to the bullish narrative, spot Ethereum ETF investors have also been active, pouring over $350 million into the products after a multi-month outflow streak.
