According to on-chain tracker Lookonchain, three crypto whales have been buying heavily into ETH over the last couple of hours. They purchased 5,362 ETH in total for over $7.2 million combined.
One wallet, with the tag ‘0xDdb4’, took out a loan for $3.44 million USDC from Aave, a lending platform, and used all of it to buy 1,856 ETH. Another address, ‘0xf84d’, borrowed $1.64 million USDC, then topped up and spent $2.34 million USDC to buy 1,259 ETH.
A third player, which is a brand-new wallet ‘0x69D0’, withdrew 2,250 ETH worth around $4.12 million straight from the Binance crypto exchange.
Ethereum price saw a jump following the transaction. At press time, the ETH price was $1,862.16 on Thursday, May 1. It represents a gain of more than 5% from a low of $1,767.00 over the last 24 hours, according to data from CoinMarketCap. The market cap has hit $224.82 billion, while trading volume over the past day sits at $15.65 billion. This rally comes after ETH bounced off a strong support level at $1,500, which helped trigger a sharp upward move.
On the daily chart, ETH created a clear reversal near $1,500 and pushed up toward an “order block” near $1,800, a zone where traders expect lots of activity. If Ethereum price can hold above this level, analysts believe the next stop would be at around $2,200, where the 100-day moving average sits.
Meanwhile, on the 4-hour chart, the ETH price is consolidating, forming a bearish flag pattern. This is a sign that the market might dip soon, but if it holds up above the level, we might be up for a major rally soon.
Moreover, the Relative strength index (RSI) is at 53 which is neutral. This means the market is waiting on a reaction as both buyers and sellers wait to take control. Additionally, the Open interest in Ethereum futures is also climbing, now approaching $23 billion, according to Coinglass. This means more derivatives traders are betting on ETH, possibly expecting more action. Still, high open interest has sometimes been followed by sharp dips, so now the market remains on edge.
Also Read: Ethereum Price Prediction 2025: Will ETH Smash $2.5K in May
