Ethereum (ETH) Price: Whales Scoop Up $360M as Breakout Looms

TLDR

Ethereum (ETH) is testing key resistance around $2,680-$2,700 after a 3% daily recovery Large institutions including BlackRock and Galaxy Digital purchased over $360M worth of ETH recently Technical analysis shows ETH forming an ascending triangle pattern pointing to a potential 15% breakout Short positions worth $303M could face liquidation if ETH breaks above $2,708 Analysts predict ETH could reach $3,100-$3,500 if it breaks through current resistance levels

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Ethereum is retesting crucial resistance levels around $2,680 after posting a 3% daily recovery. The world’s second-largest cryptocurrency has struggled to break through this price zone for nearly a month.

Ethereum (ETH) Price

At the time of writing, ETH trades around $2,640, up 1.3% on the day. The cryptocurrency has been moving within a tight range between $2,475 and $2,680 since its early May breakout.

Large institutional buyers have been accumulating Ethereum positions through over-the-counter deals and exchange-traded funds. On-chain data shows a whale or institution acquired 108,278 ETH worth $283 million through an OTC transfer.

It seems that a whale/institution bought 108,278 $ETH($283M) through OTC.

Galaxy Digital OTC wallet withdrew 89,000 $ETH($233.5M) from exchanges in the past 12 hours, and then transferred 108,278 $ETH($283M) to the whale/institution wallet 0x0b26.

Wallet 0x0b26 currently holds… pic.twitter.com/BgqiLH2xlH

— Lookonchain (@lookonchain) June 4, 2025

Galaxy Digital withdrew 89,000 ETH valued at $233.5 million from exchanges. The funds were sent to a wallet that now holds 139,476 ETH worth $365 million.

BlackRock also purchased an additional 29,580 ETH on June 3, worth approximately $77.1 million. This brought the asset manager’s total ETH holdings to over $4 billion.

Technical Patterns Point to Breakout

Analysts have identified multiple technical patterns suggesting a potential price move. Carl Runefelt from The Moon Show highlighted that Ethereum is forming an ascending triangle pattern since the May rally.

#Ethereum is showing confidence by staying inside this 1D ascending triangle!

📈 Bullish – $3,100🎯
📉 Bearish – $2,300🎯

🏛 Trade $ETH on LBANK: https://t.co/9tcNu9c9Y2 👉 0% Maker Fee + Unlock Up to 13,029 USDT Cashback (No KYC) pic.twitter.com/CjcxQf56Ip

— Carl Moon (@TheMoonCarl) June 4, 2025

The pattern shows ETH’s price compressing between support and resistance lines. This setup often precedes a 15% move in either direction.

If Ethereum breaks above the $2,680-$2,700 resistance, analysts forecast a surge toward $3,100. However, rejection from this level could send the price down to $2,300 support.

Crypto Bullet pointed out similar patterns across multiple ETH charts. The analyst suggests a 15%-20% breakout is approaching for the cryptocurrency.

$ETH Dominance is about to break out 📈$ETHBTC is about to break out 📈$ETHUSD is about to break out 📈

😏 pic.twitter.com/eqgaCRLFU5

— CryptoBullet (@CryptoBullet1) June 4, 2025

The ETH Dominance chart shows signs of breaking out from an ascending triangle pattern. Both ETH/BTC and ETH/USD trading pairs are nearing the upper boundary of a one-month pattern.

Technical analyst Bitconsensus noted that ETH has broken out of a long-term falling channel. The breakout occurred after a bullish engulfing candle confirmed the trend reversal.

Ethereum is now forming a bull flag pattern on the daily chart. Many analysts consider this a bullish continuation setup that could target $3,500.

Short Squeeze Potential

Market data reveals a buildup of short positions around current price levels. Liquidation heat maps show that $303 million in short positions could be wiped out if ETH reaches $2,708.

This level has become a key battleground between buyers and sellers. Short traders may close positions early as the price approaches this zone, creating additional buying pressure.

The concentration of short positions increases the potential for a squeeze. Such events can accelerate price movements as forced buying drives prices higher.

Trading volume remains strong at approximately $16.5 billion. The ETH/BTC ratio has stabilized, suggesting relative strength against Bitcoin.

Supply on exchanges continues to shrink as institutions accumulate positions. This reduction in available liquidity can support higher prices during periods of increased demand.

Ethereum faces immediate resistance at $2,708, followed by $2,850. Analysts view these levels as key hurdles before a potential move toward $3,500.

Galaxy Digital’s recent withdrawal of 89,000 ETH from exchanges demonstrates continued institutional appetite for the cryptocurrency.

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