April closed as the second consecutive month of gains for Ethereum, the world’s second-largest cryptocurrency. The token even attempted another breakout in the past 12 hours, only to be halted near $2,350.
On-chain data indicate that large holders have taken advantage of the rally to add more ETH to their holdings, while some market observers suggest a larger rally may be building beneath the surface.
Whales Are Buying
Recent on-chain metrics show that Ethereum whales bought more than 140,000 ETH over the last four days. At current prices, this accumulation represents roughly $320 million. Such concentrated buying reduces immediate selling pressure and can encourage confidence among smaller investors, amplifying the market impact.
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 recent whale buying builds on earlier accumulation from ETF-focused investors. Exchange-traded funds that provide exposure to ETH broke a multi-month outflow streak by attracting over $350 million, contributing to the asset’s improved demand picture.
Ethereum finished April with a 7.3% gain following a 7% rise in March, ending a six-month decline that began in September 2025. The back-to-back monthly increases underscore a shift in market sentiment after several months of weakness.
Waiting for a Trigger
ETH attempted to push higher during the past 12 hours amid geopolitical headlines, but the move was cut short as comments from political leaders dulled the momentum. Technicals and market positioning suggest the asset is still searching for a decisive catalyst.
Prominent analyst CW noted that highly leveraged long positions on ETH have risen only marginally while short positions have eased. This modest change has not materially altered the broader “ideal situation” for the token, but it does indicate that a significant trigger will likely be needed to spark a more pronounced trend.
High-leveraged long positions on $ETH have increased slightly, while short positions have decreased slightly.
The change is very small. $ETH is moving sideway, but high-leveraged investors remain inactive.
The ideal situation is being maintained. $ETH is waiting for a trigger. https://t.co/6NZy5nUchL pic.twitter.com/t0A64Vw1dA
— CW (@CW8900) May 3, 2026
In a follow-up message, CW pointed out that Ethereum’s open interest is trending upward. Rising open interest alongside price consolidation can be a constructive sign, suggesting that market participants are positioning for a potentially larger move when a clear catalyst arrives.
Overall, the combination of whale accumulation, ETF inflows, and improving on-chain indicators paints a cautiously optimistic picture for Ethereum. However, the market appears to be in a holding pattern until a decisive macro, on-chain, or geopolitical event provides the momentum needed to sustain a more significant breakout.