Ethereum (ETH) Price: Whales Buy $322M as CLARITY Act Advances Toward Markup

TLDR

• Ethereum whales accumulated 140,000 ETH worth $322 million in just 96 hours, even as price stayed flat near $2,300.
• The US Senate’s CLARITY Act is progressing after a compromise on stablecoin yield, with a markup now set for May 11.
• ETH is up about 12% over the past 30 days, trading around $2,305 at time of writing.
• $2,400 is the nearest key resistance level — a clean break above it could open the door to $2,600 and then $2,800.
• $2,200 remains critical support; a drop below it would put the $1,900 zone back in play.

Ethereum (ETH) is trading near $2,305 as whale wallets quietly load up and a major piece of US crypto legislation moves closer to a vote.

According to data shared by Ali Charts, large ETH holders added over 140,000 ETH in just 96 hours between May 1 and May 3. That’s roughly $322 million worth of buying. Whale holdings rose from about 13.78 million ETH to nearly 13.98 million ETH. This was steady accumulation, not a single large transfer.

Despite the buying, ETH’s price action has been muted. The asset gained 0.1% over the past 24 hours and is still down about 1% over the past week. Daily trading volume sits at $6.8 billion.

CLARITY Act Gets Closer to a Vote

The bigger story driving sentiment around ETH may be regulatory. The CLARITY Act — a stablecoin framework bill — has been stuck in the US Senate due to a dispute over whether stablecoin holders should receive yield. Banks opposed it. Coinbase pushed back on any restrictions.

Senator Tillis brokered a compromise. Coinbase’s Chief Legal Officer Paul Grewal said there was no reason for the gridlock in the first place, but welcomed the resolution. Crypto analyst Alex Thorn of Galaxy, who previously put the odds of CLARITY passing this year at just 50%, has now changed his view. He expects a Senate markup on May 11.

Key Price Levels Traders Are Watching

Analyst Daan Crypto Trades noted on X that Ethereum is currently being rejected by the weekly 200 moving average — a logical consolidation point. He flagged $2.1K as a key level on higher timeframes, and said a break above $2,400–$2,500 could lead to a test of $2,800.

ETH has been printing higher lows since finding a base in the $1,800–$2,000 range earlier in the year. A falling wedge pattern is forming on the chart, which some analysts read as a potential bullish reversal signal.

$2,200 remains the floor traders are watching. A breakdown below it could bring $1,900 back into play. On the upside, $2,400 is the first wall to clear. A clean break there could target $2,600 and then $2,800.

The most recent on-chain data shows whale wallets continuing to add ETH, with holdings at nearly 13.98 million ETH as of May 3.

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