Ether’s weekend rebound to roughly $2,300 put large holders back in the black and renewed talk of a move toward $3,000.
TradingView data shows ETH climbed about 20% to $2,330 on Saturday from a local low near $1,940 on March 29. The bounce coincided with announcements of a two-week US–Iran ceasefire and signs of improving market structure. CryptoQuant reports the rally pushed whale wallets into unrealized profit.
CryptoQuant analyst CW8900 noted in a Quicktake that wallets holding more than 100,000 ETH are in a “profitable state again,” and added that historically every time these whales flipped from loss to profit it marked the start of a rally. Whale profitability typically reflects accumulation at lower prices and greater long-term conviction.
CryptoQuant data shows accumulation among long-term addresses began in late 2025 and accelerated through 2026. So-called accumulation addresses — wallets that keep receiving ETH without sending it out — often represent long-term holders, institutions, or entities building positions rather than trading. The total ETH held by these accumulation addresses hit a record 26.3 million, a 32% increase in 2026 despite a roughly 25% price decline over the same period.
Large inflows to accumulation addresses have in the past preceded strong rallies. CryptoQuant points to a June 22, 2025 daily inflow record of more than 380 million ETH that was followed by an almost 85% price rally about 30 days later, and a similar pattern after a November 2025 inflow spike.
On the charts, Ether’s 12-hour timeframe displays a rounded bottom pattern. Price is retesting support near $2,140, where the rounded-bottom support line converges with the 20-day exponential moving average (EMA). Bulls seek a break above the pattern’s neckline at $2,400; clearing that level would target a measured move near $2,940 — roughly 32% above current prices.
Momentum metrics support the recovery: the daily relative strength index (RSI) has climbed to about 57 from near-oversold readings near 36, suggesting buying pressure has returned. Offsetting that, Glassnode cost-basis distribution shows roughly 7.6 million ETH sitting with an average cost between $2,750 and $2,850, a potential breakeven zone where selling could slow gains.
Analyst TagadoBTC warned that Ethereum may face major resistance near $2,800 and stressed the $2,000 area must hold to avoid a drop back to the channel bottom. Cointelegraph adds that a successful break above $2,400 would boost odds of a run toward $2,800 and possibly $3,000 if momentum continues.
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