Key Highlights
- Major Ethereum holders accumulated 140,000 ETH valued at $322 million during a 96-hour period, while the price remained relatively stable around $2,300.
- The CLARITY Act in the US Senate advances following a compromise resolution on stablecoin yield distribution, with markup scheduled for May 11.
- ETH has gained approximately 12% during the previous 30-day period, currently changing hands near $2,305.
- The immediate resistance barrier stands at $2,400 — sustained movement beyond this threshold may pave the way toward $2,600 followed by $2,800.
- Critical support holds at $2,200; movement beneath this level could activate the $1,900 territory.
Ethereum (ETH) maintains its position around $2,305 while large wallet holders continue accumulating positions and significant US cryptocurrency legislation advances toward formal consideration.
Data published by Ali Charts reveals that substantial ETH investors acquired more than 140,000 ETH during a 96-hour window spanning May 1 through May 3. This represents approximately $322 million in purchasing activity. Total whale holdings climbed from roughly 13.78 million ETH to nearly 13.98 million ETH. The accumulation pattern indicates consistent buying rather than isolated large-scale transactions.
The buying activity occurred while price movement remained subdued. The digital asset recorded a 0.1% increase during the previous 24-hour period and shows a decline of about 1% across the past week. Daily trading volume registers at $6.8 billion.
Stablecoin Legislation Advances Following Compromise
Regulatory developments may represent the primary factor influencing ETH market sentiment. The CLARITY Act — legislation establishing a stablecoin framework — faced delays in the US Senate stemming from disagreements regarding yield distribution for stablecoin holders. Banking institutions expressed opposition. Coinbase mounted counterarguments against proposed limitations.
Senator Tillis facilitated a compromise agreement. Paul Grewal, Chief Legal Officer at Coinbase, acknowledged that the initial conflict lacked substantive foundation while expressing support for the settlement. Galaxy analyst Alex Thorn, who initially assessed the probability of CLARITY passing this year at merely 50%, has revised his outlook. He anticipates a Senate markup session on May 11.
Critical Price Thresholds Under Market Observation
Analyst Daan Crypto Trades highlighted on X that Ethereum currently faces rejection at the weekly 200 moving average — a typical consolidation zone. He identified $2.1K as a significant level across extended timeframes, suggesting that movement above the $2,400–$2,500 range might trigger testing of $2,800.
ETH has established a pattern of ascending lows following stabilization within the $1,800–$2,000 territory earlier this year. A falling wedge formation appears on the chart, which certain analysts interpret as a possible bullish reversal indicator.
Market participants continue monitoring $2,200 as the primary support threshold. A decline through this level may bring $1,900 back into consideration. Regarding upside potential, $2,400 represents the initial barrier requiring clearance. Successful penetration of that level could establish targets at $2,600 and subsequently $2,800.
Current on-chain metrics demonstrate that whale wallets maintain their accumulation strategy, with holdings reaching nearly 13.98 million ETH as of May 3.
