Key Highlights
- Large Ethereum holders purchased 140,000 ETH valued at $322 million during a 96-hour window, while price remained stable around $2,300.
- Legislative progress on the CLARITY Act continues following a stablecoin yield compromise, with Senate markup scheduled for May 11.
- ETH has gained approximately 12% in the last 30 days, currently trading near $2,305.
- Immediate resistance sits at $2,400 — breaking through this barrier could trigger movement toward $2,600 and potentially $2,800.
- Support at $2,200 is crucial; losing this level may bring the $1,900 zone into focus.
Ethereum (ETH) maintains its position around $2,305 while institutional-sized wallets continue accumulating and crucial United States cryptocurrency legislation advances toward a critical vote.
Data from Ali Charts reveals that major ETH holders purchased more than 140,000 ETH during the 96-hour period spanning May 1 through May 3. This represents approximately $322 million in buying pressure. Total whale holdings climbed from roughly 13.78 million ETH to nearly 13.98 million ETH. The accumulation pattern indicates consistent buying rather than a single massive transaction.
Despite this significant accumulation, ETH’s price movement has remained relatively flat. The cryptocurrency posted a modest 0.1% gain in the last 24 hours while remaining down approximately 1% over the past seven days. Current daily trading volume stands at $6.8 billion.
Regulatory Framework Inches Toward Senate Vote
The more significant catalyst affecting ETH market sentiment appears to be regulatory developments. The CLARITY Act — proposed legislation establishing a stablecoin framework — has faced delays in the US Senate due to disagreements regarding yield distribution for stablecoin holders. Traditional banking institutions expressed opposition, while Coinbase challenged any potential limitations.
Senator Tillis successfully negotiated a compromise between competing interests. Paul Grewal, Coinbase’s Chief Legal Officer, stated the impasse was unnecessary but expressed satisfaction with the outcome. Galaxy’s crypto analyst Alex Thorn, who previously estimated CLARITY’s passage probability at only 50% this year, has revised his outlook. He now anticipates a Senate markup session on May 11.
Critical Price Zones Under Trader Scrutiny
Analyst Daan Crypto Trades highlighted on X that Ethereum is facing rejection at the weekly 200 moving average — a typical consolidation area. He identified $2.1K as a significant level on longer timeframes and suggested that breaking above the $2,400–$2,500 range could trigger a move toward $2,800.
ETH has established a pattern of higher lows since establishing support in the $1,800–$2,000 zone during the early part of the year. Chart patterns show a developing falling wedge formation, which technical analysts often interpret as a potentially bullish reversal indicator.
The $2,200 level represents the critical support zone market participants are monitoring. A decline beneath this threshold could reintroduce the $1,900 area as a target. For upward movement, $2,400 represents the initial resistance barrier. Successfully breaking above this level could set sights on $2,600 as the next objective, followed by $2,800.
Latest blockchain data confirms whale wallets maintain their accumulation strategy, with total holdings reaching nearly 13.98 million ETH as of May 3.
