Large Ethereum investors have added over 1.4 million ETH to their wallets between mid-April and mid-May. This aggressive accumulation occurred just before Ethereum’s major price rally, sparking renewed bullish sentiment in the market.
According to analyst Crypto Rover, wallets holding between 10,000 and 100,000 ETH increased their combined holdings from 15.8 million to more than 17.2 million ETH during this period. The rise in buying was seen as Ethereum was trading close to the $1,600 level, indicating that buyers expected prices to go up.
Source: Crypto Rover
Ethereum built up value and finally saw a significant rise that lifted it above the primary resistance levels. After climbing past $2,200, the token moved beyond $2,800 and continued to about $3,100. Many in the market now believe the actions of these whales helped trigger the breakout and may indicate growing confidence in Ethereum’s long-term value.
Also Read: XRP Set for 6500% Surge or 79% Crash? Shocking Analyst Chart Revealed
Golden Cross and Support Levels Boost Bullish Sentiment
In addition to whale accumulation, technical patterns reinforce Ethereum’s bullish outlook. Analyst Ted Pillows recently highlighted the formation of a golden cross on Ethereum’s 12-hour chart. This occurs when the 50-period moving average moves above the 200-period average, often signaling increased buying momentum.
Source: Ted Pillows
Analysts have warned that Ethereum will continue to increase only if it stays above certain essential levels. Any decline below $2,200 could lead to Bitcoin revisiting the $1,900 level.
Market analyst Ali Martinez suggests that Ethereum’s next major barrier will be $3,100. At the same time, the $2,233 mark is a key level that might shape the asset’s short-term trend.
At the time of writing, Ethereum is trading at $2,563.53, reflecting a 0.81 percent increase over the past 24 hours. The asset has experienced short-term volatility, but broader accumulation patterns suggest continued upward pressure.
With recent interest from whales, strength in technical analysis, and high support levels, the Ethereum chart points toward a rising price. With the rise in accumulation, the market is trying to decide if this momentum will help prices rise further.
Also Read: SEC Delays XRP ETF Again—Is This a Sign of Bigger Trouble Ahead?
