One analyst said Ethereum’s “ideal situation” held, but it still needed a trigger.
April ended as the second straight month with gains for the second-largest cryptocurrency, which even attempted a fresh breakout in the last 12 hours before stalling at $2,350.
Whales took advantage of this opportunity to accumulate more tokens, according to data provided by Ali Martinez, while other analysts believe a deeper rally could occur.
Whales buy
On-chain data shows that Ethereum whales have accumulated over 140,000 tokens in the last four days alone. The reserve is worth more than $320 million at current prices. Such measures have a double impact on the market, as they reduce immediate selling pressure and could also serve as an example to small investors.
Whales went on a buying spree, accumulating over 140,000 Ethereum $ETH over the last 96 hours, worth approximately $322 million. pic.twitter.com/uHZqV3B0W9
– Ali Charts (@alicharts) May 3, 2026
The whales’ behavior builds on ETF investors’ previous accumulation frenzy. As reported over the weekend, market participants gaining exposure to ETH via exchange-traded funds ended a months-long red streak by paying out more than $350 million.
At the same time, the underlying asset ended April with a notable increase of 7.3%, following a 7% increase in March. Prior to this, ETH was in a six-month price decline streak that began in September 2025.
Waiting for a trigger
As mentioned above, ETH attempted to break out in the last 12 hours after Iran sent a new proposal to the United States, but was quickly stopped as Trump said he couldn’t imagine it would be a good proposal.
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Popular analyst CW commented that highly leveraged ETH positions only increased slightly, while short positions decreased. This small change didn’t impact the overall “sweet spot” of the asset, but it’s still waiting for a major trigger.
Highly leveraged long positions on $ETH increased slightly, while short positions decreased slightly.
The change is very minimal. $ETH The situation is moving sideways, but highly leveraged investors remain inactive.
The ideal situation is maintained. $ETH waits for a trigger. pic.twitter.com/t0A64Vw1dA
-CW (@CW8900) May 3, 2026
In a separate tweet, CW added that Ethereum Open Interest is also showing an upward trend, which could be a healthier signal for a bigger advance.
