Ethereum continues to receive support from growing whale activity and increased staking demand. While the successful defense of a key trendline keeps the $2,000 target in focus, subdued trading volumes continue to pose a risk of a short-term pullback.
Ethereum is benefiting from rising activity among large holders. According to Arkham, a newly created wallet withdrew 74,033 ETH, worth approximately $136.17 million, from Gemini and staked the entire amount.
Another whale also returned to the market, spending 20 million USDC to purchase 10,501 ETH at an average price of $1,905.
An additional bullish signal came from a sharp increase in Wrapped Ethereum activity. According to Santiment, the weekly number of WETH transactions exceeding $100,000 reached 113,000, the highest level since May 2021.
Together, these developments provide positive signals for Ethereum's price. Investors appear to be gradually accumulating ETH at current levels, viewing them as an attractive opportunity to build long-term positions.
Ethereum momentum rises
Ethereum successfully defended its local ascending trendline and produced a strong rebound. The next key resistance is the previous swing high at $1,946. A decisive breakout above this level would increase the probability of a move toward the $2,000 bullish target outlined in the previous analysis.
To sustain the rally, buyers will need stronger trading volumes. Otherwise, after four consecutive days of gains, the probability of a short-term correction would increase significantly.
Meanwhile, the RSI (14) is approaching overbought territory, which previously preceded pullbacks on March 17 and April 18, 2026. As a result, Ethereum's reaction around $1,946 and the accompanying trading volume will be key signals for the next directional move.
Ethereum holds firm as selling pressure weakens
Despite the escalation of tensions in the Middle East, the cryptocurrency market has remained relatively resilient. This may reflect the fact that many investors had already reduced their exposure during the broad sell-off in the winter and spring of 2026, leaving limited room for additional selling pressure.
Current price levels continue to improve Ethereum's appeal for gradual accumulation. However, buying activity remains selective and does not yet confirm the formation of a durable market bottom. A sustained trend reversal will require broader capital inflows and a further improvement in overall market sentiment.
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