Ethereum (ETH) concluded April with its second consecutive month of gains, reaching near $2,350 before being halted. On-chain data indicates whales have accumulated over 140,000 ETH, worth approximately $322 million, in recent days. Analysts note the market’s “ideal situation” is being maintained, but the asset is still awaiting a significant trigger for a more profound rally.
Ethereum ended April as its second month of consecutive gains. The cryptocurrency attempted a breakout toward $2,350 over a recent 12-hour period before being stopped.
On-chain data provided by Ali Martinez shows Ethereum whales accumulated over 140,000 tokens in the past four days. This stash is worth more than $320 million at current prices.
This whale activity builds on a recent accumulation spree by ETF investors. Market participants gaining exposure through exchange-traded funds snapped a multi-month streak by pouring over $350 million into the products.
The underlying asset’s price increased by 7.3% in April, following a 7% rise in March. Prior to that, ETH had been in a six-month price decline streak beginning in September 2025.
Popular analyst CW commented that high-leveraged ETH positions have increased only slightly, while shorts have declined. “The change is very small,” CW stated.
“The ideal situation is being maintained,” the analyst added. “ETH is waiting for a trigger.”
In a separate tweet, CW mentioned that Ethereum Open Interest is also showing an upward trend. This could be a healthier signal for a bigger move ahead.
