Ether Tests $2,400 as Accumulation Addresses Add More Than 240,000 ETH in One Day

Ethereum is one of the largest smart-contract and DeFi ecosystems, and the price of ETH influences both on-chain capital flows and institutional risk appetite. Since April 14, 2026, ETH has largely traded between $2,250 and $2,400. The $2,400 level has rejected rallies five times within a month, making it a key dividing line between bulls and bears.

On May 8, ETH fell more than 5.6% to $2,275 after another rejection at $2,400. Nansen reported that transaction volume fell 10% to 4.79 million, while active addresses declined 8% to 2.5 million. The Coinbase Premium has been negative since April 27, and U.S. spot ETFs recorded net outflows of $103 million on May 7. The chart pattern points to a potential decline toward $1,830.

Ether (ETH), the Ethereum network's native asset, often reflects onchain activity and risk appetite in the broader crypto market. Citing TradingView on April 28, Cointelegraph reported that ETH had fallen below $2,300 and was trading between its 100-day exponential moving average of $2,350 and its 100-day simple moving average of $2,220. The $2,200 level was seen as crucial support for bulls seeking to avert a deeper correction.

A May 18 report showed ETH had fallen 12% from its May 6 peak of $2,420, touching a low of $2,090 on May 17. CryptoQuant said hourly taker sell volume on Binance had exceeded $1.1 billion, while U.S. spot Ether ETFs recorded $255 million in net outflows over five days. About 3.85 million ETH had a cost basis between $2,000 and $2,100, and a break below $2,000 could send the price toward $1,700.

Ether has recently rebounded from the $2,000 range, shifting the market’s focus to $2,800. Glassnode’s cost-basis distribution shows that more than 3 million ETH previously accumulated around that level. The concentration could draw prices higher, but selling by holders seeking to break even could also create resistance. The 200-day moving average is also nearby, making the area a crucial test of whether the rally can continue.

A March 13, 2026, report said Ether had touched a monthly high of $2,209. By March 16, the cryptocurrency had broken above a $2,100 trendline and risen 9.8% in a day to a six-week high of $2,287. Futures open interest initially climbed 21% to $10.9 billion, then fell about 6% after Ether tested $2,200, indicating that traders had become more cautious.

CryptoQuant uses the realized price of wallets holding at least 100,000 ETH as a benchmark for large holders’ cost basis, with $2,100 falling within that range. ETH has traded below this cost level only briefly since 2020, with the 2022 bear market the main exception. The market therefore views a sustained daily close above $2,100 as a key threshold for large holders to return to profit and for the trend to turn bullish.

ETH rose to $2,150 on Feb. 26, when analyst Dom said the price needed to break above $2,140 for short-term order flow to turn positive. By March 4, ETH had rebounded about 25% from below $1,800 to $2,200. CryptoQuant data showed net taker volume turning positive after nearly two months in negative territory, while U.S. spot Ether ETFs recorded net inflows of $169.4 million that day. ETH must still hold above $2,100.