ETH Whales Add 140K ETH as Breakout Stalls Near $2,350
Ethereum (ETH) held gains into early May, attempting another breakout near $2,350 before stalling. On-chain data cited by Ali Martinez shows Ethereum whales accumulated over 140,000 ETH in the past 96 hours, worth about $322 million, easing near-term sell pressure.
The whale bid follows a similar ETF-driven pattern. The article says ETH exposure through exchange-traded funds added more than $350 million over the weekend, helping ETH close April up about 7.3% (and March up about 7%). Earlier, ETH had been in a six-month decline streak starting in September 2025.
Positioning looks supportive but not explosive: analyst CW said high-leverage ETH longs rose only slightly while shorts fell slightly. Rising open interest could be healthier if it aligns with spot buying. Still, traders are waiting for a clearer trigger, and the latest breakout attempt reportedly failed amid headline-driven volatility linked to Iran/US-related news.
Bullish
ETH whale accumulation and sizable ETF inflows are constructive for Ethereum’s immediate downside risk, supporting a more stable bid if spot demand persists. However, longs and shorts only shifted slightly, and the breakout attempt near $2,350 stalled amid macro/headline volatility. That combination points to bullish structure but a “wait-for-confirmation” setup: the market needs a clear trigger (preferably with open interest rising alongside spot buying) to convert accumulation into sustained upside. Without follow-through, volatility could keep ETH range-bound in the short term.