Ethereum (ETH) Price: Major Whales Accumulate $322M as Bulls Eye $2,400 Level

Key Takeaways

• ETH maintains its position above the $2,350 mark and the 100-hour Simple Moving Average
• Price reached a peak of $2,387 during recent sessions before entering consolidation
• Critical resistance zone lies at $2,400, with potential for extension to $2,500 upon breakout
• Large holders added more than 140,000 ETH (approximately $322 million) over 96 hours
• Rising U.S.-Iran tensions have sparked institutional migration into cryptocurrency markets

Ethereum has successfully pushed above the $2,350 threshold after experiencing renewed buying momentum that lifted the asset from a swing bottom at $2,220 to a session top of $2,387. Currently, the price action shows consolidation beneath this recent high.

The digital asset is presently maintaining support above the 23.6% Fibonacci retracement measurement from the recent upward swing, while continuing to trade above its 100-hour Simple Moving Average. Technical charts reveal a bullish trendline providing support in the vicinity of $2,340 on hourly timeframes.

Traders should monitor the initial resistance barrier at $2,385, with the crucial $2,400 threshold representing the next significant hurdle. Should bulls manage a decisive push above $2,400, price targets would extend to $2,420, with $2,500 emerging as the subsequent major objective.

Market analyst Ted Pillows provided commentary on current market structure, observing that ETH continues to trade in a sideways pattern. His analysis suggests that until Ethereum successfully reclaims the $2,400 level, the asset will exhibit continued fragility, cautioning that losing the $2,150–$2,200 support band could trigger a decline beneath $2,000.

Large Holders Increase Positions

Data from on-chain specialist Ali Charts indicates that major holders have acquired in excess of 140,000 ETH during the past 96-hour period, representing roughly $322 million in capital deployment. This magnitude of accumulation by institutional-sized wallets provides a bullish foundation for the existing price structure.

This buying activity has occurred while Ethereum maintains stability above essential support zones amid broader market ambiguity.

Should the $2,350 threshold continue to hold firm, bullish participants may initiate another attempt at conquering the $2,400 barrier. Successful penetration of that level would establish $2,420 as the initial target, with $2,500 and $2,550 representing additional upside objectives.

Conversely, rejection at the $2,400 resistance could result in a retreat toward $2,340 support. Breaking below that floor would shift attention to the $2,300 level, followed by the 50% Fibonacci retracement zone and the $2,220 swing low.

Global Political Climate Influences Markets

Intensifying geopolitical friction between the United States and Iran has introduced heightened volatility across global financial markets. Iranian missile strikes targeting U.S. military installations in Saudi Arabia, combined with reports of potential American ground operations, have created turbulence in traditional investment vehicles.

Washington has additionally frozen $344 million in cryptocurrency holdings connected to Iranian entities. These geopolitical developments have prompted institutional capital to seek refuge in digital assets, generating increased ETF capital inflows and providing underlying support for elevated ETH valuations.

Ethereum’s pricing on May 3 demonstrated robust conviction in maintaining levels above $1,800, with the present $2,350 support positioned substantially higher than that benchmark.

Current market data confirms ETH trading above $2,350 with sustained whale accumulation and the $2,400 resistance representing the immediate critical test for continuation of the uptrend.

The post Ethereum (ETH) Price: Major Whales Accumulate $322M as Bulls Eye $2,400 Level appeared first on Blockonomi.