Key Takeaways
- Large Ethereum holders scooped up 140,000 ETH valued at $322 million within a 96-hour window, despite sideways price movement around $2,300.
- The Senate’s CLARITY Act has overcome a stablecoin yield dispute and is scheduled for markup on May 11.
- ETH has climbed approximately 12% over the past month, currently changing hands around $2,305.
- Breaking above $2,400 could trigger a rally toward $2,600, with $2,800 as the next major target.
- Support at $2,200 is crucial — losing this level could send ETH back toward the $1,900 region.
Ethereum (ETH) continues to hover around $2,305 while major wallet holders silently accumulate and a significant US cryptocurrency bill edges toward a legislative milestone.
Data from Ali Charts reveals that substantial ETH wallets increased their positions by more than 140,000 ETH during a 96-hour period from May 1 through May 3. This represents approximately $322 million in purchases. Total whale positions climbed from roughly 13.78 million ETH to nearly 13.98 million ETH. The accumulation pattern suggests coordinated buying rather than a single massive transaction.
Yet despite this significant whale activity, ETH’s price has remained relatively stagnant. The cryptocurrency posted a modest 0.1% gain in the last 24 hours while recording a 1% decline over the previous seven days. Current daily trading volume stands at $6.8 billion.
Stablecoin Legislation Breakthrough in Senate
The more significant catalyst influencing ETH sentiment may be unfolding in Washington. The CLARITY Act — proposed legislation establishing stablecoin regulations — had stalled in the Senate over disagreements about whether stablecoin holders should earn yield. Traditional banking institutions opposed yield provisions while Coinbase advocated against restrictions.
Senator Tillis successfully negotiated a middle ground. Paul Grewal, Coinbase’s Chief Legal Officer, remarked that the impasse was unnecessary but praised the breakthrough. Galaxy’s Alex Thorn, a crypto policy analyst who previously estimated CLARITY’s passage odds at only 50% this year, has revised his outlook. He now anticipates a Senate markup session on May 11.
Critical Resistance and Support Zones
Market analyst Daan Crypto Trades observed on X that Ethereum faces resistance at the weekly 200-day moving average — a typical consolidation zone. He identified $2.1K as an important level on longer timeframes and suggested that surpassing $2,400–$2,500 could trigger a move toward $2,800.
ETH has established a series of ascending lows since establishing support in the $1,800–$2,000 zone during the first quarter. Chart technicians have identified a descending wedge formation, often interpreted as a bullish continuation pattern.
The $2,200 level represents critical support that market participants are monitoring closely. A failure to hold this zone could reintroduce the $1,900 area as a potential downside target. On the resistance side, $2,400 stands as the immediate barrier. Successfully clearing this threshold could pave the way toward $2,600, followed by $2,800.
The latest blockchain data confirms that whale addresses continue expanding their ETH positions, with total holdings reaching approximately 13.98 million ETH as of May 3.
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