- Whale accumulation and network growth supported Ethereum’s bullish momentum.
- Long liquidations signal short-term caution, but there is clear room for stronger price recovery.
Ethereum [ETH] has attracted fresh whale attention as on-chain data revealed significant accumulation activity.
Over $5.7M worth of ETH was acquired via Aave [AAVE] loans, while a newly created wallet withdrew $4.12M from Binance.
This aggressive positioning reflects growing investor conviction. At the time of writing, Ethereum traded at $1,819.34, posting a mild 0.45% gain in the last 24 hours.
Although price action remains subdued, the sharp capital inflows and exchange withdrawals hint at a broader bullish thesis taking shape.
Are traders finally waking up?
Open Interest has jumped by 4.67% in the last 24 hours, reaching $12.06 billion. This surge suggests renewed speculative appetite as market participants re-enter long and short positions.
The increase confirms rising market conviction after a consolidation phase.
Such growth often precedes stronger price movements, especially when combined with accumulation trends.
The rising Open Interest adds strength to the bullish case, potentially indicating that traders are positioning for a breakout or significant directional move.
Source: CryptoQuant
User activity is climbing — can it fuel price?
Ethereum’s network activity also showed meaningful growth. Active addresses increased by 13% in the past seven days, while new addresses surged 45.24%.
Notably, zero-balance addresses rose by over 102%, suggesting re-engagement from dormant wallets or rotation among holders.
This broad uptick reflected increased network interaction and user activity, which generally align with growing market interest.
The steady rise in participation may support upward momentum if it sustains over the coming weeks.
Source: IntoTheBlock
How high can ETH go from here?
ETH’s price structure confirmed a breakout from a falling wedge formation at press time.
After weeks of trading within the downtrend, the breakout now opens the door toward higher targets. The immediate resistance lay at $2,139, followed by Fibonacci extension levels at $2,354 and $2,638.
Although ETH remains under $1,825 for now, the technical structure signals growing momentum. Therefore, if buying pressure continues and bulls hold above recent lows, the path toward a medium-term rally remains intact.
Source: TradingView
Long traders, however, faced significant losses on the 2nd of May, per Coinglass analytics. Ethereum’s downward volatility triggered $5.29M in long liquidations, compared to only $1.07M in shorts.
Binance and Bybit recorded the highest long wipeouts, exposing overleveraged bullish positions.
This flush suggests caution is still warranted in the near term. Nevertheless, such liquidations often clear the market of weak hands and create room for stronger trend alignment in subsequent sessions.
Conclusion
Ethereum’s current landscape reflects a market recalibrating after an aggressive flush of long positions.
However, the combination of whale accumulation, improved network participation, and technical breakout structure places ETH in a favorable position.
If sentiment holds and inflows persist, Ethereum may gradually regain upward momentum and shift market dynamics over the coming days.
