TLDR
- Major Ethereum holders purchased 140,000 ETH valued at $322 million during a 96-hour period, while price remained stable around $2,300.
- The CLARITY Act in the US Senate is moving forward following a compromise agreement on stablecoin yield provisions, with markup scheduled for May 11.
- ETH has climbed approximately 12% during the last 30 days and currently trades near $2,305.
- The immediate resistance sits at $2,400 — breaking through this level could pave the way toward $2,600 and subsequently $2,800.
- The $2,200 level serves as crucial support; falling beneath this threshold would bring the $1,900 area back into consideration.
Ethereum (ETH) maintains its position around $2,305 while large wallet holders quietly increase their positions and significant US cryptocurrency regulation inches toward a congressional vote.
Based on information published by Ali Charts, 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 positions increased from roughly 13.78 million ETH to approaching 13.98 million ETH. The accumulation occurred gradually rather than through a single massive transaction.
In spite of this significant buying pressure, ETH’s price movement has remained subdued. The cryptocurrency posted a 0.1% gain during the previous 24-hour period and continues to show approximately 1% decline across the past seven days. Current daily trading volume stands at $6.8 billion.
CLARITY Act Progresses Toward Senate Action
The more substantial narrative influencing ETH sentiment may involve regulatory developments. The CLARITY Act — legislation establishing a stablecoin regulatory framework — had been delayed in the US Senate because of disagreements regarding whether stablecoin holders should earn yield. Banking institutions opposed the provision. Coinbase challenged any limitations.
Senator Tillis facilitated a compromise solution. Paul Grewal, Coinbase’s Chief Legal Officer, stated the impasse was unnecessary from the start but expressed appreciation for the breakthrough. Galaxy’s crypto analyst Alex Thorn, who had previously estimated only 50% probability for CLARITY passing this year, has revised his outlook. He now anticipates a Senate markup scheduled for May 11.
Critical Price Levels Under Trader Observation
Analyst Daan Crypto Trades highlighted on X that Ethereum is presently facing rejection at the weekly 200 moving average — a reasonable consolidation zone. He identified $2.1K as an important level across higher timeframes, and indicated a breakthrough above $2,400–$2,500 could trigger a move toward $2,800.
ETH has been establishing higher lows since establishing a foundation in the $1,800–$2,000 zone earlier this year. A descending wedge formation is developing on the chart, which certain analysts interpret as a potentially bullish reversal indicator.
The $2,200 level represents the support zone traders are monitoring closely. A decline below this point could reintroduce $1,900 as a realistic target. Regarding upside movement, $2,400 represents the initial barrier to overcome. A decisive break above this level could establish targets at $2,600 followed by $2,800.
The latest blockchain data confirms whale wallets are persistently adding ETH, with total holdings reaching nearly 13.98 million ETH as of May 3.
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