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▲ Ethereum (ETH)
As Ethereum (ETH) tests $2,400, a large volume of the cryptocurrency has flowed into long-term accumulation wallets, raising expectations for further price increases. With Ethereum holdings in accumulation addresses reaching an all-time high and technical structures improving, a short-term target price range of $3,315 to $3,500 has been suggested.
Cointelegraph reported on May 6, citing CryptoQuant data, that the volume of Ethereum flowing into accumulation addresses surged on Wednesday. The original text stated that investor confidence in Ethereum's long-term price trend has been restored after a 39% recovery from multi-year lows below $1,750.
Accumulation addresses are wallets that continuously receive Ethereum but do not send it out. These could be wallets of long-term holders, institutional investors, or entities that choose strategic accumulation over active short-term trading. According to CryptoQuant data, daily inflows to these addresses have steadily increased since mid-2025, reaching an all-time high of 1.14 million ETH in November 2025.
The accumulation trend continued into 2026. Accumulation addresses are receiving an average of 200,000 ETH per day, with 246,620 ETH flowing in on Tuesday. The value of this volume is estimated at approximately $592 million based on current prices.
The total amount of Ethereum held by long-term holders has also reached an all-time high of 25 million ETH, representing a 20.36% increase since the beginning of 2026. Cointelegraph reported that in the past, surges in accumulation address inflows were followed by Ethereum price rallies. After more than 380,000 ETH flowed into accumulation addresses on June 22, 2025, the price of Ethereum rose by almost 85% approximately 30 days later. Similar price increases followed a surge in accumulation address inflows in November 2025.
Whale wallets are also showing bullish signals. The holdings of whale wallets holding between 10,000 ETH and 100,000 ETH have rapidly increased over the past 30 days, exceeding 19.5 million ETH and reaching an all-time high. Wallets holding over 100,000 ETH have also increased their holdings to 4.7 million ETH, a 30% increase since the beginning of 2026.
In terms of short-term price movements, liquidity around $2,400 has been identified as key. According to CoinGlass's liquidation heatmap, the price of Ethereum is absorbing liquidity around $2,400, with large buy orders remaining between $3,000 and $3,350 to $3,500.
Crypto analyst CW8900 stated on X (formerly Twitter) that “if Ethereum breaks through $2,500, a steady rise to $3,000 will follow.” He added that “there is little resistance for short positions.”
Technically, Ethereum is attempting to break through $2,400, which is the horizontal trendline of an ascending triangle. Analysis suggests that if the daily candle closes above the 200-day exponential moving average located at $2,700, the continuation of the uptrend will be confirmed, and the price could rise to the triangle's measured target of $3,315. If this movement materializes, the total increase would be 40%.
Technical analyst XForceGlobal also suggested the possibility that Ethereum's macro bottom has formed. Through Elliott Wave analysis, he saw that a rally to $3,500 would be possible if the resistance zone of $2,600-$2,700 is broken. Cointelegraph reported that a close above the $2,600-$2,700 range could confirm a trend reversal and open the door for Ethereum to reclaim $3,000.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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