Ethereum (ETH) Price: Whales Just Bought $322M in ETH — Is a $2,400 Breakout Next?

TLDR

• Ethereum is trading above $2,350 and the 100-hourly Simple Moving Average
• ETH hit a recent high of $2,387 before consolidating
• Key resistance sits at $2,400, with $2,500 as the next major level if broken
• Whales accumulated over 140,000 ETH (~$322 million) in the last 96 hours
• Geopolitical tensions between the U.S. and Iran have contributed to institutional crypto inflows

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Ethereum has climbed above $2,350 following a fresh wave of buying that pushed prices from a swing low of $2,220 up to a high of $2,387. The price is now consolidating just below that recent peak.

Ethereum (ETH) Price

ETH is currently holding above the 23.6% Fibonacci retracement level of that move, and is trading above the 100-hourly Simple Moving Average. A bullish trend line has formed with support around $2,340 on the hourly chart.

The immediate resistance level to watch is $2,385, followed by the key $2,400 zone. A clean break above $2,400 could open the door to $2,420, then $2,500.

Analyst Ted Pillows weighed in on the current price action, noting that ETH is still moving sideways. He stated that until $2,400 is reclaimed, Ethereum will continue to show weakness, and warned that a loss of the $2,150–$2,200 support zone could push ETH below $2,000.

Whale Accumulation Picks Up

On-chain analyst Ali Charts reported that whales have accumulated over 140,000 ETH in the last 96 hours, worth approximately $322 million. That level of buying from large holders is seen as a supportive signal for the current price range.

The accumulation comes as Ethereum continues to hold above key support levels despite broader market uncertainty.

If the $2,350 level holds, bulls may attempt another push toward $2,400. A successful break there could target $2,420, with $2,500 and $2,550 as further upside levels.

On the downside, a failure at $2,400 could send ETH back to $2,340 support. A break below that would put the $2,300 level in focus, followed by the 50% Fibonacci retracement and the $2,220 swing low.

Geopolitical Backdrop Adds Pressure

Escalating tensions between the U.S. and Iran have added a layer of volatility to global markets. Iranian missile attacks on a U.S. military base in Saudi Arabia and reports of a U.S. ground invasion strategy have rattled traditional markets.

The U.S. has also frozen $344 million in Iran-linked crypto assets. These developments have pushed institutional investors toward crypto as a hedge, driving ETF inflows and supporting higher ETH prices.

Ethereum’s price on May 3 reflected strong confidence in staying above $1,800, with the current $2,350 level sitting well above that threshold.

The most recent data shows ETH holding above $2,350 with whale accumulation active and the $2,400 resistance level as the next key test.

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