Ethereum Price Prediction: Whales Buy 230K ETH as Price Holds $2.3K

Key Insights:

• Ethereum price prediction hinges on $2,388–$2,400 resistance.
• Retail wallets sold nearly 1.5 Million ETH over the past two weeks.
• Whale wallets accumulated around 230,000 ETH as derivatives momentum improved.

The Ethereum price prediction remained focused on the $2,400 resistance zone in early May 2026, as Ethereum held above key support despite mixed on-chain signals. ETH price traded near $2,378 on May 6 after reclaiming the $2,300 region during the recent recovery.

That price move occurred while retail investors reduced exposure, whale wallets accumulated supply, and derivatives activity strengthened. The setup mattered because the short-term technical structure remained constructive, but distribution trends continued to limit bullish momentum.

Ethereum Price Prediction Depends on $2,400 Resistance

Ethereum price maintained a higher-low structure on the four-hour timeframe after recovering from its February lows. Buyers successfully reclaimed the $2,200 to $2,300 range, establishing a near-term support base. However, ETH continued facing resistance near the $2,388 to $2,400 zone.

This resistance area remains important because repeated rejection around the same level can weaken upward momentum.

A confirmed close above $2,400 would strengthen the current Ethereum price prediction and expose higher resistance targets near $2,746. Beyond that, the broader resistance range extends toward $3,411.

Technical indicators still support the short-term recovery structure. ETH traded above the 50-, 100-, and 200-period moving averages at $2,315, $2,321, and $2,275, respectively. This alignment reflected continued upward pressure rather than exhaustion.

Momentum indicators also remained balanced. The Relative Strength Index stood near 59.89, while stochastic readings stayed in the mid-70 range. These levels showed demand remained active without entering extreme overbought conditions.

At the same time, failure to break resistance would likely keep ETH within its current range. Traders continued watching to see whether buyers could turn the $2,400 area into support before broader momentum develops.

Retail Selling Challenges Ethereum Price Prediction Setup

The strongest bearish signal comes from retail-linked supply flows. Wallets holding between 100 and 10,000 ETH sold about 820,000 ETH last week. Over two weeks, that group distributed nearly 1.5 million ETH.

The 90-day Mean Coin Age also dropped sharply. That move points to younger coins changing hands, which usually reflects short-term holders selling. It does not show broad confidence from smaller market participants.

Staking activity added another caution point. Investors unstaked roughly 300,000 ETH last week, the largest weekly outflow since November. That does not guarantee selling, but it increases the movable supply.

Derivative data also shows hesitation. Funding rates stayed negative for most of the past month, while open interest remained slightly above 14 million ETH. The ETH crypto market, therefore, carries leverage without strong bullish conviction.

April exchange withdrawals fell to an eight-month low. About 19.8 million ETH left exchanges during the month, led by Binance, OKX, and Coinbase Prime. Lower withdrawals suggest more investors are waiting before moving coins to cold storage.

Whale Buying Keeps Ethereum Price Alive

Large wallets moved against the retail trend. Whales accumulated roughly 230,000 ETH last week, partly offsetting smaller wallet distribution. That split creates a mixed market rather than a clean bearish turn.

Spot Taker CVD supports the bullish case. The 90-day reading shows the taker buying dominance around current prices. That means aggressive spot buyers have led more activity than aggressive sellers.

Binance Ethereum Futures Power 30D Change also turned positive at 0.026. The reading sits below the October 2023 early-recovery level of 0.0327. It also remains far below the crowded extremes seen before 44% to 61% pullbacks.

The broader market also helped the bid. Bitcoin moved toward $82,000, giving ETH crypto traders a stronger macro backdrop. Still, the Ethereum USD pair has not broken the nearby ceiling. That keeps the setup balanced until buyers convert resistance into support.

Liquidations show the same pressure point. ETH saw $38.7 million in 24-hour liquidations, including $26.1 million from shorts, helping the upward push.

That matters for the Ethereum price prediction because derivatives momentum looks early, not overheated. A golden cross between the 50- and 100-SMA also points to the 200-SMA near $2,680. If $2,400 fails again, support sits near $2,305, $2,260, $2,211, and $2,107.

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