TLDR
- Ethereum found support at $2,440 and began increasing, currently trading at $2,580
- ETH supply on exchanges has reached its lowest level since August 2024, with over 1 million ETH moving to private wallets since April 24
- Whales with 10K-100K ETH holdings have added 670K ETH in the past nine days
- $2,500 remains a critical level for ETH’s next major trend direction
- Technical indicators suggest ETH could target $2,850 and potentially $3,000 if buying pressure continues
Ethereum has been showing renewed strength in recent trading sessions, finding solid support around the $2,440 level before starting a fresh increase. The second-largest cryptocurrency is now trading at $2,580, recovering the key $2,500 mark amid rising buying pressure from whale accounts.
The price movement comes as ETH remained in a range above $2,350 while Bitcoin reached new all-time highs. Bulls became active near the $2,440 zone, with a low forming at $2,442 before the price began climbing.
There has been a clear move above the $2,500 and $2,520 levels. The price surpassed the 50% Fibonacci retracement level of the downward wave from the $2,615 swing high to the $2,442 low.
A connecting bullish trend line has formed with support at $2,500 on the hourly chart of ETH/USD. Ethereum is now trading above $2,520 and the 100-hourly Simple Moving Average.
The upward momentum coincides with declining exchange supply, which has reached its lowest point since August 2024. Since April 24, more than 1 million ETH have left exchanges for private wallets, suggesting increased long-term holding behavior among investors.
ETH Price
Whale Accumulation Driving Price Action
Whale accounts continue to demonstrate strong buying pressure in the Ethereum market. Addresses holding between 10,000 and 100,000 ETH have expanded their balance by over 670,000 ETH in just the past nine days.
This large-scale accumulation stands in contrast to smaller holders, who have been distributing their holdings. Their total balance has declined by 110,000 ETH during the same period.
The reduced exchange supply combined with whale accumulation helps explain why ETH’s price has maintained an upward trajectory since late April.
Despite the dominant spot buying pressure, ETH continues to move range-bound near the $2,500 mark. Trading volume increases whenever prices move below or above this level, making $2,500 a critical threshold that could define Ethereum’s next major trend.
Looking at the technical indicators, the Relative Strength Index (RSI) is trending horizontally near the overbought region, indicating slight weakness in the bullish momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) is testing its moving average line as its histogram bars approach negative territory.
On the upside, Ethereum could face resistance near $2,620, with the next key resistance around $2,650. The first major resistance sits near the $2,720 level.
A clear move above $2,720 might push the price toward $2,840. Breaking through this resistance could open the path to $2,920 or even the psychologically important $3,000 level in the near term.
If Ethereum fails to clear the $2,620 resistance, it might start a fresh decline. Initial support is near $2,525, with major support at $2,500 and the trend line.
A move below $2,500 could push the price toward $2,440. Further losses might send ETH toward $2,420 or even $2,350 in the near term.
