Ethereum has climbed above $2,350 following a fresh wave of buying that pushed prices from a swing low of $2,220 up to a high of $2,387. The price is now consolidating just below that recent peak.
ETH is currently holding above the 23.6% Fibonacci retracement level of that move, and is trading above the 100-hourly Simple Moving Average. A bullish trend line has formed with support around $2,340 on the hourly chart.
The immediate resistance level to watch is $2,385, followed by the key $2,400 zone. A clean break above $2,400 could open the door to $2,420, then $2,500.
Analyst Ted Pillows weighed in on the current price action, noting that ETH is still moving sideways. He stated that until $2,400 is reclaimed, Ethereum will continue to show weakness, and warned that a loss of the $2,150–$2,200 support zone could push ETH below $2,000.
$ETH is still going sideways.
Until the $2,400 level is reclaimed, Ethereum will continue to show weakness.
And if the $2,150-$2,200 support zone is lost, ETH could drop below the $2,000 level. pic.twitter.com/lbNrcntFXY
— Ted (@TedPillows) May 3, 2026
On-chain analyst Ali Charts reported that whales have accumulated over 140,000 ETH in the last 96 hours, worth approximately $322 million. That level of buying from large holders is seen as a supportive signal for the current price range.
Whales have gone on a buying spree, accumulating over 140,000 Ethereum $ETH in the last 96 hours, worth around $322 million. pic.twitter.com/uHZqV3B0W9
— Ali Charts (@alicharts) May 3, 2026
The accumulation comes as Ethereum continues to hold above key support levels despite broader market uncertainty.
If the $2,350 level holds, bulls may attempt another push toward $2,400. A successful break there could target $2,420, with $2,500 and $2,550 as further upside levels.
On the downside, a failure at $2,400 could send ETH back to $2,340 support. A break below that would put the $2,300 level in focus, followed by the 50% Fibonacci retracement and the $2,220 swing low.
Escalating tensions between the U.S. and Iran have added a layer of volatility to global markets. Iranian missile attacks on a U.S. military base in Saudi Arabia and reports of a U.S. ground invasion strategy have rattled traditional markets.
JUST IN: U.S. TO ESCORT SHIPS OUT OF STRAIT OF HORMUZ
Trump says the U.S. will launch “Project Freedom” to guide neutral ships stranded in the Strait of Hormuz to safety starting Monday.
He called it a humanitarian effort, warning any interference would be met with force. pic.twitter.com/pdl89U126x
— Coin Bureau (@coinbureau) May 3, 2026
The U.S. has also frozen $344 million in Iran-linked crypto assets. These developments have pushed institutional investors toward crypto as a hedge, driving ETF inflows and supporting higher ETH prices.
Ethereum’s price on May 3 reflected strong confidence in staying above $1,800, with the current $2,350 level sitting well above that threshold.
The most recent data shows ETH holding above $2,350 with whale accumulation active and the $2,400 resistance level as the next key test.
The post Ethereum (ETH) Price: Whales Just Bought $322M in ETH — Is a $2,400 Breakout Next? appeared first on CoinCentral.
