Ethereum Gains 2% as Whale Accumulation Drives Price Above $2,500

Ethereum (ETH) has shown a 2% gain in early Asian trading on Thursday, recapturing the $2,500 mark. This price movement is driven by significant whale accumulation and a decreasing exchange supply, indicating growing buy pressure in the market. The supply of Ethereum on exchanges has dropped to 18.73 million ETH, the lowest level since August 2024. Since April 24, more than 1 million ETH have moved from exchanges to private wallets, suggesting that investors are preparing for longer-term holding rather than trading.

This reduction in exchange supply helps explain ETH’s upward price trajectory over recent weeks. The trend indicates strong spot market buying pressure as coins move into cold storage. Whale wallets holding between 10,000 and 100,000 ETH have been particularly active, increasing their holdings by approximately 670,000 ETH over the past nine days. In contrast, smaller holders have been reducing their positions, with their collective balance dropping by about 110,000 ETH during the same period.

Despite this active accumulation by large investors, ETH continues to trade in a range near the $2,500 level. The $2,500 mark appears to be a critical juncture that could determine the cryptocurrency’s next major price trend. Trading volume data shows increased activity whenever prices move significantly above or below this threshold, confirming its importance as a key support and resistance level.

Search interest for Ethereum has increased to around 60 points, up from 45 on May 17, though still below the peak of 100 points seen during the May 8-9 rally. This suggests that current price action is not being driven by extreme retail interest. After trading near $2,500 on Tuesday, ETH briefly pushed above $2,600 on Wednesday before facing rejection just below the 200-day Simple Moving Average. At the time of writing, the cryptocurrency is up 2% as buyers attempt to maintain momentum above the $2,500 level.

From a technical perspective, Ethereum needs a high-volume move above $2,850 resistance or below the $2,260-$2,100 range to establish its next direction. A successful break above $2,850 could see ETH rally toward the $3,250 resistance level. Conversely, a breakdown below $2,100 might push prices toward the $1,688 support zone. The Relative Strength Index (RSI) is trending horizontally near the overbought region, indicating slight weakness in bullish momentum. The Moving Average Convergence Divergence (MACD) is testing its moving average line with histogram bars approaching negative territory.

On the hourly chart, a bullish trend line has formed with support at $2,500. ETH is trading above both this trend line and the 100-hour Simple Moving Average, suggesting short-term strength. Immediate resistance sits at $2,620, followed by $2,650. A clear move above these levels could open the path toward the $2,720 and potentially $2,840 resistance areas. Breaking above $2,840 might push Ethereum toward $2,920 or even the psychologically important $3,000 level. The most recent data shows ETH trading at $2,580, having recovered the key $2,500 level as whales continue their accumulation.