What to know:
- ETH whales accumulate over 140,000 ETH worth $322M, signaling institutional confidence and possible price volatility
- Analysts highlight $4,811 resistance, with a breakout potentially targeting the $8,500 price level
- RSI at 58.66 and bullish MACD crossover show rising buying pressure with room for upside
Ethereum (ETH) is moving in an upward consolidation phase as the general conditions in the crypto market are turning bullish. According to CoinMarketCap, as of Monday, May 4, ETH is currently trading at $2,355.09, with a 24-hour trading volume of $27.32 billion and a market capitalization of $284.16 billion. Its price has surged by 1.12% over the last 24 hours and 2.58% over the last week.
Source: CoinMarketCap
EYH Whale Accumulation Points to Increasing Demand
However, the crypto analyst Ali Charts pointed out that whales have been hoarding large amounts of Ethereum within the last 96 hours. According to on-chain data, whales bought over 140,000 ETH worth around $322 million.
The fast acquisition period indicates that wealthy individuals are preparing for future gains by positioning themselves in the right spot, which is commonly done prior to market movements.
Source: Ali Charts’ X Post
Such large-scale accumulation is often interpreted as a bullish signal for Ethereum’s longer-term outlook. Market observers suggest whales may be positioning ahead of expected volatility, network upgrades, or broader institutional inflows.
While not a guarantee of price movement, these buying patterns frequently precede heightened trading activity and shifting sentiment across crypto markets globally.
Also Read: Ethereum Fails $2,400 Breakout as Mixed Momentum Signals Move Toward $2,500
ETH Break Above $4,811 Could Trigger $8.5K Rally
From the price action perspective, ETH continues to display a strong bullish structure, suggesting a potential recovery phase that could extend significantly higher.
According to the crypto analyst Javon Marks, market momentum indicates a possible move toward the key resistance level at $4,811.71, which is now acting as an important technical threshold for confirming sustained upward continuation and renewed investor confidence.
Source: Javon Marks’ X Post
In case ETH manages to break through and maintain a price level higher than $4,811.71, bulls are expected to be able to push their gains higher, leading towards their next important target level of $8,557.68.
This scenario represents a continuation pattern, in which the process of accumulation will be responsible for driving an uptrend.
Momentum Indicators Point to Improving Strength
According to TradingView, the current relative strength index (RSI) is 58.66, which implies an increasing bull strength. The relative strength index recently crossed the moving average of 49.77 to the upside, implying that the bulls are now stronger than the bears.
Because the value is still below 70, the point where it signals oversold strength, it means the bulls can still move up the price.
Source: TradingView
The MACD indicator further emphasizes the positive development in the direction. First of all, the blue line of the MACD has crossed above the orange signal line.
At the same time, the histogram bars have turned green, suggesting the presence of a positive shift in momentum. Both these factors show that the upward trend of the buying pressure is gaining momentum.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Ethereum EIP-8141 Aims to Remove 3 Intermediaries in Fees
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