Key Takeaways
- Major Ethereum holders scooped up 140,000 ETH valued at $322 million within a 96-hour window, despite minimal price movement around $2,300.
- The Senate’s CLARITY Act advances following a stablecoin yield compromise, with markup scheduled for May 11.
- Over the last month, ETH has climbed approximately 12%, currently changing hands around $2,305.
- Breaking above the crucial $2,400 resistance could pave the way toward $2,600, with $2,800 as the next major target.
- Support at $2,200 is essential to maintain; losing this level would bring the $1,900 range back into focus.
Ethereum (ETH) continues hovering around $2,305 while significant wallet addresses accumulate positions and pivotal United States cryptocurrency legislation inches toward a congressional vote.
Based on information published by Ali Charts, major ETH wallet addresses acquired more than 140,000 ETH during a concentrated 96-hour period spanning May 1 through May 3. The buying represents approximately $322 million in total value. Whale wallets expanded their collective holdings from roughly 13.78 million ETH to almost 13.98 million ETH. The accumulation pattern indicates deliberate positioning rather than isolated bulk transactions.
Yet despite this substantial purchasing activity, ETH’s price movement has remained subdued. The cryptocurrency registered a modest 0.1% increase during the previous 24-hour period while showing approximately 1% decline across the past seven days. Current daily trading volume stands at $6.8 billion.
Stablecoin Legislation Moves Forward
The more significant catalyst influencing ETH market sentiment appears to be regulatory developments. The CLARITY Act — legislation establishing a stablecoin regulatory framework — had been stalled in the United States Senate due to disagreements regarding yield distribution for stablecoin holders. Banking institutions expressed opposition. Coinbase mounted a vigorous defense against proposed limitations.
Senator Tillis successfully negotiated a middle-ground solution. Paul Grewal, Coinbase’s Chief Legal Officer, stated the standoff was unnecessary from the beginning but expressed satisfaction with the outcome. Galaxy’s crypto analyst Alex Thorn, who had previously estimated only a 50% probability of CLARITY becoming law this year, has revised his outlook. He now anticipates a Senate markup session on May 11.
Critical Technical Zones Under Observation
Market analyst Daan Crypto Trades highlighted on X that Ethereum is currently facing resistance at the weekly 200 moving average — a typical area for price consolidation. He identified $2.1K as a significant threshold on larger timeframes, suggesting a decisive push above the $2,400–$2,500 zone could trigger a rally toward $2,800.
ETH has been establishing consecutively higher lows following the establishment of a foundation in the $1,800–$2,000 territory earlier this year. A descending wedge formation is emerging on the chart structure, which certain technical analysts interpret as a prospective bullish reversal indicator.
The $2,200 level represents the critical support threshold market participants are monitoring closely. A breach below this point could reintroduce the $1,900 zone as a downside target. Regarding upside potential, $2,400 stands as the initial barrier requiring penetration. Successfully clearing that resistance could set sights on $2,600 followed by $2,800.
The latest blockchain analytics reveal whale addresses maintaining their accumulation strategy, with combined holdings reaching nearly 13.98 million ETH as of May 3.
