ETH price turns whales profitable as rally targets $3,000
ETH price rebounded about 20% to around $2,330 after a weekend jump from $1,940. The move was linked to the US and Iran announcing a two-week ceasefire and improving market structure. On-chain data from CryptoQuant shows ETH whales (wallets holding 100,000+ ETH) have returned to a profitable state, with an “unrealized profit ratio” flipping back to gain territory—historically a pattern seen near the start of ETH price rallies.
Separately, CryptoQuant notes ETH accumulation has been ongoing since late 2025 and accelerated through 2026. Long-term accumulation addresses reached a record 26.3M ETH (about +32% in 2026 even while ETH price fell ~25%), suggesting ongoing buy-side conviction rather than active trading.
Technically, ETH price formed a rounded bottom on the 12-hour chart and is retesting $2,140 support where a chart support line converges with the 20-day EMA. Bulls aim to break the $2,400 neckline to unlock a measured move target near $2,940 (about 32% above current levels). Momentum also improved: daily RSI rose to ~57 from ~36.
However, Ethereum cost-basis concentration shows a potential resistance zone: around 7.6M ETH held at an average cost of roughly $2,750–$2,850. This could trigger sell pressure at breakeven and stall upside. Analysts also cite nearby resistance around $2,800, while warning that failing to hold the $2,000 area could risk a return toward the range lows.
Bullish
ETH price is showing a bullish setup because whale profitability has returned and ETH accumulation is still rising—both historically tend to coincide with the early stages of rallies. The article highlights two tailwinds for traders: (1) CryptoQuant’s whale “unrealized profit ratio” flipping back to gains can reduce forced selling pressure from large holders; (2) record accumulation balances in 2026 suggest sustained demand even when ETH price previously declined.
In the short term, upside may be capped by overhead supply around the $2,750–$2,850 cost-basis band and resistance near $2,800, so break-and-hold above $2,400 (neckline) is likely the key trigger for momentum traders. If ETH price can clear those levels, the measured move toward ~$2,940 becomes plausible.
In the longer term, continued accumulation since late 2025 supports the argument that the trend could persist beyond a single bounce. However, the risk case remains: failure to hold the ~$2,000 zone could invalidate the rounded-bottom thesis and lead to a deeper retracement, similar to prior pattern breaks where on-chain strength wasn’t enough to overcome concentrated breakeven supply.