Ethereum Whales Scoop Up 449,000 ETH: Implications for Future Prices

Ethereum whales have accumulated 449,000 ETH, marking the largest single-day inflow since 2018. Despite the price hovering around $1,805, resistance at $1,895 poses challenges. The support level at $1,800 remains critical for maintaining positive sentiment, as anticipation builds towards a potential price breakout driven by whale activity ahead of the upcoming Pectra upgrade.

Ethereum’s price is currently lingering at about $1,805, while Ethereum whales have made significant moves, acquiring 449,000 coins in a single day. This marks the most substantial daily influx since 2018, reflecting a strong belief among these large holders in Ethereum’s future. Surprisingly, these acquisitions have been made by wallets that have never previously utilised their funds. Such activity suggests that many investors still see the long-term potential despite Ethereum’s recent price struggles.

The resistance level of $1,895 looms large over the price of Ethereum, serving as a major barrier to any potential upward movement. Again, more than 1.64 million ETH is caught at this price due to past investor positions taken back in 2024, creating pressure on sellers. Nonetheless, whale confidence is soaring even as the realised price sits around $1,981, which is still significantly higher than the current trading price. A close above $2,142 might just be the signal needed for a bullish flip in trajectory.

Recent on-chain data shows that the accumulation of 449,000 ETH highlights a bullish outlook, especially since these coins are being moved into wallets that have been inactive. The large buy-in reflects major players taking advantage of what they perceive to be a discounted price. Despite Ethereum’s price remaining 57% below its record high of $4,100, this latest surge indicates that whales are in it for the long haul, relying on support levels around $1,800 to maintain a healthy market sentiment.

Indeed, the challenge of breaking through the persistent resistance at $1,895 remains daunting, with a sizeable concentration of over 1.6 million ETH at that crucial price point. Yet, if ETH can manage to cross this resistance, it may find itself propelled toward the next milestone of $2,142. Additionally, a dormant whale transferred $27.6 million in ETH after being inactive for 900 days, injecting a momentary jolt of volatility into the market, but prices steadied amidst this significant accumulation.

In tandem with whale activities, Ethereum’s network shows signs of life, seeing a recent uptick of 10% in active addresses. It’s an encouraging signal that user engagement is on the rise. However, on the DeFi side, things feel a bit lacklustre, with decentralised exchange trading volumes on a downward trend. Nevertheless, whale activity continues to inspire confidence, particularly as Ethereum maintains support around $1,800.

Looking ahead, there is keen interest around whether these whales can ignite a breakout. Should Ethereum price surpass that resistance at $1,895, the eyes will be on the bullish target at $2,142. However, the $1,800 support remains vital; a slip below could trigger setbacks in momentum. With the Pectra upgrade scheduled for May 7, all eyes are glued to see if Ethereum’s whales can utilize this period of consolidation as a launchpad for the next significant move.