Ethereum Whales Silent but Active: What Hidden Move Could Ignite ETH’s Next Big Surge?

Ever wonder what keeps Ethereum’s gears quietly turning beneath the surface, even when it seems like it’s just biding its time? April has wrapped up with back-to-back gains for ETH, nudging close to that elusive $2,350 breakout, only to be held back—talk about a tease! Meanwhile, the big players—whales with their deep pockets—are scooping up tokens like there’s no tomorrow, stacking over $320 million worth in just a few days. It’s like watching a high-stakes poker game: the whales’ moves reduce selling pressure and whisper, “Hey, maybe you should join in.” Yet, despite all this action, Ethereum is hanging tight in what one analyst calls its ‘ideal situation,’ patiently waiting for that spark to ignite the next big run. So, is the market just playing coy, or is something bigger brewing just beneath the surface? Dive in and see what might push ETH over the edge. LEARN MORE.

One analyst said Ethereum’s ‘ideal situation’ is being maintained but it still needs a trigger.

April ended as the second month in a row with gains for the second-largest cryptocurrency, which even tried another breakout over the past 12 hours before it was stopped at $2,350.

Whales have used this opportunity to accumulate more tokens, according to data provided by Ali Martinez, while other analysts believe there could be a more profound rally in the making.

Whales Are Buying

On-chain data shows that Ethereum whales had accumulated over 140,000 tokens in the past four days alone. The stash is worth more than $320 million at today’s prices. Such moves have a two-fold impact on the market as they reduce the immediate selling pressure and could also serve as an example for smaller investors.

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 whales’ behavior builds on the previous accumulation spree by ETF investors. As reported over the weekend, market participants gaining exposure to ETH through the exchange-traded funds snapped a multi-month red streak by pouring over $350 million.

At the same time, the underlying asset ended April with a notable 7.3% increase, following a 7% rise in March. Before that, ETH was in a six-month price decline streak that began in September 2025.

Waiting for a Trigger

As mentioned above, ETH tried to break out in the past 12 hours after Iran sent a new proposal to the US but was quickly halted as Trump said he couldn’t imagine it would be a good one.