- Ethereum whales accumulated 449,000 ETH in a day, showing strong long-term confidence despite the price struggling below key resistance at $1,895.
- Ethereum’s upcoming Pectra upgrade and a potential breakout above $2,142 could signal a major bullish reversal.
Ethereum has just witnessed a historic moment. In a single day, long-term holders, often referred to as “whales,” accumulated a staggering 449,000 ETH into addresses that have never spent funds. This marks the largest daily inflow since 2018, highlighting major confidence in Ethereum’s future trajectory. Despite many of these investors being underwater—holding ETH at an average realized price of $1,981, higher than current levels—there’s no panic in sight. Instead, their moves suggest a strong belief in Ethereum’s long-term value proposition.
Ethereum Battles $1,895 Resistance: Will It Hold?
While the accumulation news excites long-term bulls, Ethereum is currently facing a critical technical hurdle. The $1,895 resistance level remains firm, with around 1.64 million ETH previously bought at this zone back in November 2024. To officially reverse its recent pattern of lower highs and lower lows, Ethereum needs a decisive close above $2,142—a major milestone traders are eagerly watching.
Interestingly, active Ethereum addresses have jumped 10%, showing signs of growing network usage. However, DeFi activity tells a different story, as DEX volumes continue to slump, indicating that broader ecosystem engagement still has room for recovery.
Whale Moves and Upcoming Upgrades: A Double-Edged Sword?
Adding to the recent drama, a long-term Ethereum wallet, dormant for over 900 days, suddenly moved $27.6 million worth of ETH. Although this triggered a brief dip, Ethereum quickly stabilized—another hint that underlying sentiment remains resilient.
Looking ahead, Ethereum’s Pectra upgrade, set for release on May 7, could be a major catalyst. By enhancing scalability, lowering transaction fees, and improving staking efficiency, this update might inject fresh momentum into the network.
Short-Term Outlook: Eyes on Key Levels
In the short term, Ethereum’s fate largely depends on its ability to overcome the $1,895 resistance. Failure to break through could extend its consolidation phase—or worse, invite further downside. However, a successful close above $2,142 could flip the narrative, signaling the start of a promising bullish reversal.
