Ethereum compresses below $2,400 as whales add 140K ETH

Ethereum trades near $2,353 as market pressure builds around key liquidation zones. The asset remains range-bound while large holders continue accumulating significant volumes

ContentsWhale accumulation supports price stabilityLiquidation risks define short-term directionETF inflows and resistance levels remain keyMarket data shows rising leverage, which keeps price action unstable despite steady institutional inflows.

Whale accumulation supports price stability

Ethereum shows steady accumulation from large holders between May 1 and May 3. Whale wallets added more than 140,000 ETH, valued at about $322 million, during this period. Holdings increased from 13.83 million ETH to 13.98 million ETH, reflecting consistent buying activity.

Order flow data indicates whales did not wait for dips. Instead, they bought as prices moved higher, which signals confidence in the current trend. Earlier accumulation zones shifted from $2,005 to $2,100 in early April, toward $2,250 to $2,300 later in the month.

Whales have gone on a buying spree, accumulating over 140,000 Ethereum $ETH in the last 96 hours, worth around $322 million. pic.twitter.com/uHZqV3B0W9

— Ali Charts (@alicharts) May 3, 2026

A notable transaction occurred on May 2 when a single purchase of 556 ETH was executed near $2,316. This behavior suggests that large investors are positioning ahead of a potential breakout rather than reacting to weakness.

Liquidation risks define short-term direction

Ethereum trades within a tight band where derivatives positioning drives price action. Data shows about $874 million in long positions risk liquidation below $2,206. On the other side, around $403 million in short positions face liquidation above $2,412.

Recent liquidation activity leans bullish. Forced closures reached about $33 million in 24 hours, with short positions accounting for most of the losses. Shorts lost nearly $25.93 million, while longs accounted for only $7 million.

Ethereum liquidation heatmap showing concentrated leverage clusters around the current price | Source: Coinglass

This imbalance suggests that upward pressure could intensify if resistance levels break. However, the presence of large liquidation clusters on both sides means volatility may rise quickly once the price exits the current range.

Open interest remains high at around $30 billion, while futures volume stands near $18 billion. Spot trading volume stays below $1 billion, which highlights the growing influence of leveraged positions over actual demand.

ETF inflows and resistance levels remain key

Institutional sentiment shows signs of recovery after recent outflows. Spot Ethereum exchange-traded funds recorded net inflows of $101.2 million on May 1. BlackRock’s ETHA attracted $43.2 million, while Fidelity’s FETH added $49.4 million.

Ethereum ETF net flows show a May 1 reversal to $101.2M in inflows. | Source: Farside Investors

Despite this support, resistance remains firm near $2,400 due to strong sell-side liquidity between $2,350 and $2,500. Analysts note that Ethereum must reclaim this level to confirm a stronger upward move.

Another key indicator is the ETH to BTC ratio, which sits near 0.0294. Market watchers view 0.032 as a critical breakout point that could signal a shift in momentum toward Ethereum.

ETH/BTC ratio at 0.0294 with 0.032 as the breakout threshold. | Source: TradingView

Until either $2,412 or $2,206 breaks decisively, price action will likely remain driven by positioning rather than spot demand. The current compression phase suggests a larger move may follow once pressure releases.