Ethereum Price Prediction: Whales Buy 230k ETH, Price Remains at $2,300

CryptoWorld News: Despite mixed signals on-chain, Ethereum price forecasts remain centered on the $2,400 resistance zone. On May 6, as Ethereum rebounded in the recent period, it returned to the $2,300 area, with trading nearing $2,378. This price movement occurred as retail investors reduced their positions, while whale wallets increased supply and derivatives activity strengthened. In the short term, the technical structure remains positive, but distribution trends limit bullish momentum. Ethereum maintains a higher-lows and lower-lows structure on the four-hour chart, successfully reclaiming the $2,200 to $2,300 range and building a support base. However, ETH still faces resistance in the $2,388 to $2,400 range. If a close above $2,400 is confirmed, it will strengthen the current Ethereum price forecast and reveal higher resistance targets. Whales accumulated approximately 230,000 ETH last week, partially offsetting distribution from smaller wallets. Over the past 24 hours, ETH saw $38.7 million in liquidations, with $26.1 million coming from shorts, helping to drive the upward move.