Ether’s (ETH) rebound to about $2,300 over the weekend put large holders back in profit and raises the question of whether ETH can push toward $3,000.
TradingView data shows Ether rose roughly 20% to $2,330 on Saturday from a local low near $1,940 on March 29. The recovery followed announcements of a two-week ceasefire between the US and Iran and signs of a strengthening market structure. The bounce also moved ETH whales into unrealized profit, according to CryptoQuant.
CryptoQuant analyst CW8900 said in a Quicktake note that wallets holding more than 100,000 ETH are “profitable state again,” adding: “In the history of $ETH, every point where they turned from loss to profit was at the rally start point.”
Whale profitability reflects accumulation at lower prices and signals longer-term investor confidence. CryptoQuant data indicates accumulation began in late 2025 and accelerated through 2026. “Accumulation addresses” — wallets that keep receiving ETH without outgoing transactions — often represent long-term holders, institutions, or entities intentionally building positions rather than trading.
The total ETH held by these long-term accumulation addresses reached a record 26.3 million, a 32% increase in 2026 despite ETH’s price dropping about 25% over the same period. Large inflows into accumulation addresses have historically preceded strong rallies: for example, a June 22, 2025 daily inflow record of over 380 million ETH was followed by an almost 85% price rally roughly 30 days later; a similar pattern followed a November 2025 inflow spike.
Technically, Ether’s 12-hour chart shows a rounded bottom pattern. The price is retesting support near $2,140, where the pattern’s support line and the 20-day exponential moving average (EMA) converge. Bulls aim to push ETH/USD above the pattern’s neckline at $2,400, which would open the way to the measured target near $2,940 — roughly 32% above current levels.
The daily relative strength index (RSI) has risen to about 57 from near-oversold readings around 36, suggesting buyers are returning. However, Glassnode cost-basis distribution data indicates roughly 7.6 million ETH sit with an average cost between $2,750 and $2,850, creating a potential resistance zone where many holders might sell at breakeven and slow momentum.
Analyst TagadoBTC wrote that Ethereum is likely heading toward major resistance near $2,800 and stressed that the $2,000 zone must hold to avoid a fall back to the channel bottom. Cointelegraph notes that Ether’s rally prospects improve if it clears $2,400; a successful break could push ETH/USDT toward $2,800 and possibly beyond toward the $3,000 area if momentum continues.
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