ETH Price Prediction: Can Bulls Overcome the $2,400 Hurdle?

#ETH

• Ethereum is at a technical inflection point, battling the 20-day moving average with MACD showing bullish momentum but needing a close above $2,400 for confirmation.
• Market sentiment is mixed but overall bullish, driven by massive L2 ecosystem growth (Base) and institutional accumulation (Bitmine), which offsets selling from the Ethereum Foundation.
• Core price forecast suggests a bullish breakout to $2,600-$2,800 in the near term if resistance is broken, with a key support floor at $2,240 to watch for dips.

ETH Price Prediction

ETH Technical Analysis: Bulls Encounter Resistance at MA Line

According to BTCC financial analyst Michael, Ethereum is currently trading at $2,305.88, struggling below its 20-day moving average of $2,324.34. The technical picture suggests a tug-of-war between buyers and sellers. The MACD indicator shows a positive divergence with the histogram at 55.17, signaling that bullish momentum is building, but the pair is still fighting to reclaim the middle Bollinger Band. The upper band sits at $2,407.28, representing a key resistance level; a breakout above this could ignite a rapid move higher. The lower band at $2,241.41 provides solid support. 'ETH is coiling for its next big move,' Michael notes. 'The subtle uptick in volume suggests accumulation is underway, but a decisive close above $2,400 is needed to confirm the uptrend.' In the short term, traders should watch for a rejection at the moving average or a clean break above the Bollinger middle line for directional cues.

Market Sentiment: Whales Stirring as Ethereum Ecosystem Grows

BTCC financial analyst Michael assesses the mixed signals from recent Ethereum headlines. The mystery of 500 dormant wallets being drained overnight initially sounds bearish, as it introduces potential sell pressure. However, deeper analysis reveals that such 'waking up' of old wallets often precedes major network upgrades or regime changes. Meanwhile, Coinbase’s Base chain hitting a $13 billion bridged TVL is a massive bullish signal for Layer-2 scaling. 'This is a vote of confidence in the Ethereum ecosystem,' Michael explains. 'Base’s growth means more users and liquidity are staying within the Ethereum orbit, which directly supports ETH's value.' The news of the Ethereum Foundation continuing strategic sales is tempered by Bitmine’s aggressive accumulation. 'Institutional players are using dips to build positions,' Michael adds. 'The net sentiment is cautiously optimistic; the foundation selling is just profit-taking, not a lack of conviction.' Overall, the market is absorbing selling with strong buying interest, reflecting a steady bullish undercurrent.

Factors Influencing ETH’s Price

Dormant Ethereum Wallet Mystery: Who Drained 500 Old Wallets Overnight?

More than 500 long-dormant Ethereum wallets were drained in a coordinated sweep, resulting in losses nearing $800,000. The incident saw approximately 260 ETH funneled into a phishing-labeled address before being bridged through THORChain. The wallets had remained inactive for four to eight years, raising concerns about legacy key exposure and self-custody vulnerabilities.

Investigators traced the movement to an Etherscan-tagged address, Fake_Phishing2831105, which later transferred 324.741 ETH to THORChain Router v4.1.1. The breach pattern suggests compromised keys or seed phrases from older wallet systems. Security researchers highlight unclear compromise paths, with potential links to outdated wallet tools or exposed private keys.

The phishing address has a history of hundreds of transactions, indicating repeated consolidation activity. Analysts attribute the vulnerability to early self-custody practices and weak key storage methods. The incident underscores systemic risks in dormant wallet security across the sector.

Coinbase Base Chain Hits $13B Bridged TVL: What It Means for L2 Growth

Coinbase's Base chain has surpassed $13.07 billion in bridged total value locked (TVL), marking a significant milestone for the Layer 2 network. According to DefiLlama data from May 2, 2026, the chain now boasts $4.491 billion in DeFi TVL, reflecting steady growth across decentralized applications and liquidity pools.

The network's rapid expansion is underscored by $655.3 million in 24-hour DEX volume and nearly 400,282 active addresses. These metrics signal robust trading demand and increasing user engagement, positioning Base as a key player in Ethereum's scaling ecosystem.

Fee generation and revenue trends show consistent improvement, while developer activity and DeFi integrations continue to accelerate. Market analysts view these developments as indicators of Base's strengthening adoption among Layer 2 solutions.

Ethereum Foundation Continues Strategic ETH Sales as Bitmine Aggressively Accumulates

The Ethereum Foundation has executed another 10,000 ETH sale to Bitmine, valued at approximately $24 million. This follows last week's transaction where Bitmine acquired a similar amount at $2,387 per token. The foundation maintains these sales align with its treasury management strategy, earmarking proceeds for protocol research and ecosystem development.

Bitmine has emerged as a dominant institutional buyer, now holding over 5 million ETH—4.2% of the total supply. The company's rapid accumulation puts it within striking distance of a 5% ownership stake. Market observers note the transactions occur via OTC deals, avoiding direct exchange pressure.

Despite the foundation's recurring sell-offs, analysts interpret the moves as operational funding rather than bearish sentiment. The structured approach contrasts with speculative trading, reinforcing Ethereum's institutional maturation.

How High Will ETH Price Go?

Based on the converging technical and fundamental data, BTCC analyst Michael provides the following outlook for ETH's price trajectory:

Michael emphasizes that the most likely path is a breakout above resistance, driven by strong Layer-2 growth and institutional accumulation. 'The Base chain milestone is a fundamental game-changer,' he states. 'Near-term selling is being absorbed, and the technicals are just beginning to align. I see a potential 12-15% upside in the coming weeks if the $2,400 level falls.' However, he warns that failure to break the 20-day MA could lead to a retest of the lower Bollinger Band at $2,241 as a temporary shakeout.