Ethereum (ETH) Whales Accumulate $322M as CLARITY Act Nears Senate Markup

Quick Summary

• Large Ethereum holders acquired 140,000 ETH valued at $322 million over a 96-hour period, while prices remained relatively stable around $2,300.
• Legislative progress on the CLARITY Act in the US Senate follows a breakthrough compromise on stablecoin yield provisions, with markup scheduled for May 11.
• Over the last month, ETH has climbed approximately 12%, currently changing hands near $2,305.
• The next significant resistance sits at $2,400 — breaking through could pave the way toward $2,600, followed by $2,800.
• Support at $2,200 is crucial; losing this level could push ETH back toward the $1,900 territory.

Ethereum (ETH) maintains its position around $2,305 while major holders discreetly increase their positions and significant US cryptocurrency legislation advances toward a critical vote.

Data published by Ali Charts reveals that substantial ETH investors acquired more than 140,000 ETH during a 96-hour window spanning May 1 through May 3. This represents approximately $322 million in purchasing power. Total whale holdings increased from roughly 13.78 million ETH to nearly 13.98 million ETH. The accumulation pattern suggests deliberate, sustained buying rather than isolated large transactions.

Yet despite this significant whale activity, ETH’s price movement has remained relatively flat. The cryptocurrency registered a modest 0.1% gain in the last 24 hours while experiencing a roughly 1% decline over the past seven days. Current daily trading volume stands at $6.8 billion.

Stablecoin Legislation Makes Headway in Senate

The more significant catalyst for ETH market sentiment could be emerging from Washington. The CLARITY Act — proposed legislation establishing a regulatory framework for stablecoins — faced delays in the US Senate stemming from disagreements about whether stablecoin holders should earn yield. Traditional banking institutions opposed such provisions. Coinbase mounted a defense against yield restrictions.

Senator Tillis facilitated a compromise arrangement. Paul Grewal, Coinbase’s Chief Legal Officer, stated the impasse was unnecessary from the start but expressed satisfaction with the outcome. Galaxy’s crypto analyst Alex Thorn, who previously estimated just 50% odds for CLARITY’s passage this year, has revised his outlook upward. He now anticipates a Senate markup session on May 11.

Critical Support and Resistance Zones

Market analyst Daan Crypto Trades observed on X that Ethereum is presently encountering resistance at the weekly 200 moving average — a natural area for consolidation. He identified $2.1K as an important level across higher timeframes, suggesting a breakthrough above $2,400–$2,500 might trigger a move toward $2,800.

ETH has been establishing progressively higher lows since establishing support in the $1,800–$2,000 zone during the earlier part of the year. A descending wedge formation is taking shape on the chart, which technical analysts often interpret as a potentially bullish reversal indicator.

The $2,200 level represents the critical support floor that traders are monitoring closely. A decisive drop beneath this threshold could reintroduce $1,900 as a target. Looking upward, $2,400 represents the initial resistance barrier to overcome. Successfully clearing this level could establish pathways toward $2,600 and subsequently $2,800.

The latest blockchain data confirms that whale addresses continue expanding their ETH positions, with aggregate holdings reaching nearly 13.98 million ETH as of May 3.

The post Ethereum (ETH) Whales Accumulate $322M as CLARITY Act Nears Senate Markup appeared first on Blockonomi.