Ethereum whales add 1.4 million ETH as prices break the big resistance, close to $3,000

Ethereum’s recent price movement has attracted the attention of the Crypto market. Not only is its strength, it is revealed beneath the surface. Over the past few weeks, the leading Ethereum holder known as the whales has significantly increased their position and demonstrated strong belief in the future of their assets.

These whales each have 10,000-100,000 ETH and have been actively accumulating since mid-April, just as Ethereum prices began to rise sharply. This pattern, along with key technical signals, raises expectations for a long-term bullish phase.

Whale accumulation coincides with price breakouts

More than 1.4 million ETHs were added between mid-April and mid-May, according to analyst Crypto Rover. Their holdings have grown from 15.8 million to more than 17.2 million ETH.

This accumulation period is closely coinciding with Ethereum’s price rises from around $1,600 to over $3,100. In particular, this surge allowed the token to break major resistance levels near $2,200 and $2,800.

Importantly, these whales began purchasing before Ethereum prices skyrocket, suggesting informed confidence. Their entries at relatively low price levels may have contributed to bullish breakouts. Thus, their actions may reflect internal knowledge, or at least deep belief in Ethereum’s long-term value.

Related: Ethereum (ETH) indicates “golden cross”. Analysts will see a price target of $3,000

Golden Cross on the 12-hour chart adds momentum

In further support of the bullish outlook, technical analyst Ted Pillow highlighted the appearance of Golden Cross on Ethereum’s 12-hour chart. The moving average for the 50th period has recently exceeded the moving average for the 200th period. This is a technology pattern associated with historically sustained upward momentum and new investor interest.

Additionally, the crossover shows an increase in purchasing pressure, reinforcing the idea that Ethereum’s uptrend is gaining strength. However, Pillow pointed out that Ethereum must hold more than $2,200 to keep momentum intact. Below this level can weaken bullish cases.

Key support and resistance levels shape market outlook

Another leading analyst, Ali Martinez, has identified $3,100 as Ethereum’s next major resistance. Meanwhile, the $2,233 mark stands as an important support.

Related: ETH faces resistance at $2,625, with $2,500 in support pending

If Ethereum is above this level, there could be more gatherings to $3,000. Conversely, if you fall below $2,200, your token could be subjected to a retest of the $1,900 zone.
At the time of writing, Ethereum priced at $2,478.66, reflecting a conservative profit of 1.29% daily. However, the past week has shown a 2.74% decline, highlighting short-term volatility.