Ethereum (ETH) Price: Major Wallets Load Up While ETH Defends $2,000 Mark

TLDR

• Ethereum currently trades around $2,024, battling to maintain the crucial $2,000 threshold
• Major holders with 100,000+ ETH have increased positions to 17.41 million ETH, reaching a nine-week peak
• Market observer Ted cautions that spot market interest is declining while ETFs experience redemptions, with rallies quickly reversed
• Publicly-traded Bit Digital purchased 8,568 ETH valued at approximately $20 million during recent price weakness
• Standard Chartered continues projecting a $40,000 long-term ETH valuation despite present market challenges

As of May 31, 2026, Ethereum is changing hands near $2,024, maintaining position barely above a pivotal support threshold that market participants are monitoring intensively. Recent trading activity has been predominantly range-bound following several days of sharp price swings around the psychologically important $2,000 mark.

Market sentiment appears divided. While near-term technical indicators suggest vulnerability, blockchain analytics reveal a contrasting picture beneath the surface action.

Market analyst Ted, sharing insights via X, observed that while ETH remains above the $2,000 threshold, the current configuration appears unstable. His analysis highlights diminishing spot market activity, negative ETH ETF flows, and consistent rejection of upward price attempts. According to his assessment, without a decisive close above $2,050, the probability of further downside movement remains substantial.

The $2,000–$2,050 range has emerged as the primary battleground on near-term price charts. Should buyers successfully protect this area, ETH might challenge the $2,100 level. A breakdown would likely target $1,994 initially, with deeper support positioned around $1,900–$1,850.

Major Holders and Corporate Entities Continue Accumulating

Despite sideways price movement, significant stakeholders have been discreetly expanding their ETH positions. Blockchain intelligence from Santiment indicates that addresses containing a minimum of 100,000 ETH have expanded their collective balance to 17.41 million ETH. This represents the strongest accumulation level observed in more than two months. These large holders now control 22.03% of Ethereum’s available supply.

Corporate purchasing activity remains robust as well. Nasdaq-traded company Bit Digital acquired an additional 8,568 ETH valued near $20 million, elevating its complete ETH treasury beyond 158,000 ETH. This purchase occurred precisely during the recent price decline.

Reports indicate that Bitmine’s Tom Lee has also acquired $50 million in ETH, further strengthening the accumulation thesis at present valuation levels.

This week, Standard Chartered reiterated its long-range $40,000 ETH price projection, emphasizing expansion in tokenized traditional assets and decentralized finance applications as catalysts not yet reflected in current market pricing.

Critical Price Zones Under Observation

Examining the ETH/BTC trading pair, Ethereum has experienced declining relative performance versus Bitcoin starting in August 2025. The ratio has now arrived at a significant long-term support area, with market participants anticipating a potential reversal. Analyst Daan Crypto Trades observed that previous ETH/BTC rallies were partially driven by substantial purchasers. Absent a new trigger, any recovery trajectory may develop gradually.

Trader Tardigrade identified that Ethereum is forming a pattern of ascending lows spanning multiple market cycles, a technical formation that has traditionally preceded significant recoveries. While the current pattern awaits confirmation, comparisons to previous cycle troughs maintain longer-term optimistic scenarios.

ETH faces overhead resistance at $2,050, $2,100, and $2,200, with $2,500 representing a broader objective should bullish momentum materialize. Concerning downside risk, $1,994 and $1,850 constitute the price zones attracting greatest trader attention.

Bit Digital’s most recent treasury acquisition of 8,568 ETH, executed during the ongoing price weakness, represents the latest documented institutional purchase activity.

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