Whales profitable as Ether rises to $2,330, eyes $3,000

Ether rose roughly 20% over the weekend to $2,330 from a local low of $1,940 on March 29, returning wallets holding more than 100,000 ETH to unrealized profit. The rebound coincided with a two-week ceasefire announced between the US and Iran, which eased short-term risk sentiment and supported crypto markets.

On-chain data provider CryptoQuant reported that large holders moved back into profitability. CryptoQuant analyst CW8900 noted that “in the history of $ETH, every point where they turned from loss to profit was at the rally start point.”

CryptoQuant also found that accumulation addresses-wallets that continuously receive ETH without outgoing transactions-began building positions in late 2025 and increased through 2026. Those addresses now hold a record 26.3 million ETH, a 32% rise in 2026 even as Ether’s price declined about 25% over the same period.

The data provider pointed to past episodes where large inflows to accumulation addresses preceded price rallies. On June 22, 2025, accumulation addresses recorded a record daily inflow and roughly 30 days later Ether rallied about 85%. A similar increase followed an inflow surge in November 2025.

Technical indicators show a rounded bottom on the 12-hour chart and a retest of support near $2,140, where the pattern’s support line meets the 20-day exponential moving average. Traders are watching a neckline near $2,400; a decisive break above that level would target about $2,940. The daily relative strength index rose to 57 from readings in the mid-30s.

Cost-basis distribution data indicates roughly 7.6 million ETH is clustered between $2,750 and $2,850, a zone where holders could sell to reach breakeven. Analyst TagadoBTC posted that Ethereum is likely to face resistance near $2,800 and that the $2,000 area must hold to avoid a drop to the lower channel boundary.

Sustaining gains above $2,400 would open targets into the high $2,700s and toward $3,000; failure to hold support near $2,000 would increase downside risk.