Ethereum Whales Gobble $7M in ETH as Price Eyes $2200—Just Another Day in Crypto Casino
Ethereum’s price surge isn’t just retail FOMO—whales are dumping truckloads of cash into ETH, betting big on the $2200 breakout.
These deep-pocketed players aren’t subtle: $7 million scooped up in hours, signaling either genius conviction or another round of ’greater fool’ theory in action. Meanwhile, Wall Street still thinks blockchain is a spreadsheet.
Bulls see a clear path to $2200 if momentum holds. Bears whisper ’overleveraged longs’—but when has that ever stopped crypto?
Three large Ethereum (ETH) transactions | Source: x.com/lookonchain
Ethereum price saw a jump following the transaction. At press time, the ETH price was $1,862.16 on Thursday, May 1. It represents a gain of more than 5% from a low of $1,767.00 over the last 24 hours, according to data from CoinMarketCap. The market cap has hit $224.82 billion, while trading volume over the past day sits at $15.65 billion. This rally comes after ETH bounced off a strong support level at $1,500, which helped trigger a sharp upward move.
On the daily chart, ETH created a clear reversal near $1,500 and pushed up toward an “order block” near $1,800, a zone where traders expect lots of activity. If Ethereum price can hold above this level, analysts believe the next stop would be at around $2,200, where the 100-day moving average sits.
Meanwhile, on the 4-hour chart, the ETH price is consolidating, forming a bearish flag pattern. This is a sign that the market might dip soon, but if it holds up above the level, we might be up for a major rally soon.
Moreover, the Relative strength index (RSI) is at 53 which is neutral. This means the market is waiting on a reaction as both buyers and sellers wait to take control. Additionally, the Open interest in Ethereum futures is also climbing, now approaching $23 billion, according to Coinglass. This means more derivatives traders are betting on ETH, possibly expecting more action. Still, high open interest has sometimes been followed by sharp dips, so now the market remains on edge.
Also Read: ethereum price prediction 2025: Will ETH Smash $2.5K in May
