Ethereum whales have stepped up accumulation as ETH continues to trade near a key resistance zone, adding a fresh demand signal while the market waits for a stronger breakout catalyst.
On-chain analyst Ali Martinez said large holders accumulated more than 140,000 ETH in the past 96 hours, worth roughly $322 million at recent prices, according to a May 3 post on X. The buying landed as Ethereum traded close to the $2,300 area, with CoinGecko placing ETH near $2,313 on Sunday after a small 24-hour gain and a mild weekly decline.
Whale accumulation can matter because it reduces the amount of ETH available for immediate selling and can improve sentiment among smaller traders. It does not guarantee upside, but it does show that larger wallets are willing to absorb supply while ETH remains below the $2,400 zone traders have been watching for a cleaner breakout.
ETF Demand Adds A Mixed Tailwind
The whale buying also follows a period of renewed institutional demand through spot Ethereum ETFs. The original CryptoPotato report pointed to more than $350 million in recent ETH ETF inflows, adding to the view that regulated capital had started rebuilding exposure after months of weaker flows.
That ETF picture is not fully one-sided. Recent U.S. spot Ethereum funds also suffered a sharp daily reversal, with Ethereum ETF outflows hitting $87.8 million on Apr. 29 as BlackRock and Fidelity led the exit. The split matters because ETH needs more than isolated whale buying to confirm a stronger recovery. Sustained ETF inflows, stronger spot demand, and healthier derivatives positioning would give the move more depth.
ETH still ended April in the green, extending its March rebound after a long stretch of monthly weakness. That improvement has helped stabilize the broader structure, but the token remains far from the kind of momentum that would put higher resistance levels under immediate pressure.
Traders Watch Leverage And Open Interest
The latest failed breakout attempt also came as risk assets reacted to developments around Iran and the United States. Ethereum briefly tried to extend higher, but the move stalled near $2,350 after Donald Trump responded skeptically to Iran’s latest proposal. That kept the market in a familiar range instead of delivering the clean trigger bulls wanted.
Crypto analyst CW said high-leverage long positions had increased only slightly while short positions declined, adding that Ethereum’s broader positioning remained stable but still needed a catalyst. In a separate update, the analyst also pointed to rising open interest, which can support a larger move if spot demand confirms direction.
Ethereum now has accumulation on its side, but price still needs confirmation. A decisive push through the $2,350 to $2,400 area would strengthen the case that whales and ETF buyers are absorbing supply fast enough to change momentum. Another rejection would keep attention on whether the low-$2,200 range can continue holding as the main support zone.
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