Ethereum has been trading within a tight price range in recent days, but increased activity on derivatives exchanges is pointing to significant underlying tension in the market. According to data from CoinGlass, roughly $874 million in long positions are at risk if ETH falls below $2,206, while short positions worth $403 million could be liquidated if the price rises above $2,412.
Whale accumulation and spot buying
Data from Santiment reveals that major investors accumulated more than 140,000 ETH between May 1 and May 3. The market value of these purchases reached approximately $322 million. This wave of accumulation quickly boosted the total ETH holdings of large wallets from 13.83 million to 13.98 million.
In the past 96 hours, investors known as whales acquired more than 140,000 ETH, amounting to around $322 million in purchases.
CryptoQuant’s order size analysis shows that after whales gathered ETH between $2,005 and $2,100 in early April, their buying range shifted to $2,250–$2,300 by month-end. Notably, one trade on May 2 saw 556 ETH bought in a single move at $2,316. Analysts interpret this as a sign that whales are likely accumulating as the market climbs.
Positive shift in ETF inflows
Institutional investors renewed their interest in Ethereum-based exchange-traded funds (ETFs) on May 1, following four consecutive days of outflows. The latest report from Farside Investors indicates a net inflow of $101.2 million into spot Ethereum ETFs. Most of this capital entered BlackRock’s ETHA product and Fidelity’s FETH fund, with inflows of $43.2 million and $49.4 million, respectively.
Other ETF providers saw smaller, mixed flows, highlighting a return of large funds to Ethereum after a brief period of negative sentiment.
Price range, resistance, and the ETH/BTC ratio
Order book data shows heavy sell-side liquidity in the $2,350 to $2,500 range, marking $2,400 as a strong resistance level for Ethereum. Market analyst Ted Pillows suggests ETH will continue to move sideways unless it secures a sustained close above $2,400.
The ETH/BTC ratio is hovering around 0.0294. Analyst Michaël van de Poppe notes, “If the ratio clearly surpasses 0.032 BTC, that’s when the real move begins.”
For investors, the ETH/BTC ratio remains a key metric. While accumulation in dollar terms is rising, many warn that unless the ratio improves, Ethereum could continue to lag behind Bitcoin in performance.
Market constraints and leverage risk
The total open interest in the market is close to $30 billion. Over the last 24 hours, derivatives trading volume reached $18 billion, while spot trading remained under $1 billion, indicating that the use of leverage is growing faster than actual market demand.
Any price movement above $2,412 or below $2,206 could trigger mass liquidations, potentially leading to sharp price swings. At present, the primary driver in price action appears to be the overall distribution of positions rather than straightforward buy-and-sell activity.
