ETH Hits $2,400: Momentum Trade or Structural Shift?

Ethereum (ETH) has rallied to $2,400, approximately 38% above its swing low of $1,750 recorded on April 5. Whether this represents a short-term momentum trade or a deeper structural change is now a central question, with on-chain data offering some compelling clues.

6.5 Million ETH Flows Into Accumulation Wallets

The amount of ETH held in accumulation addresses — wallets with no history of selling — has grown from 19.64 million to 26.16 million since January 1, an increase of 6.5 million ETH, or 33%. This metric is widely viewed as a direct indicator of long-term investor conviction, as it reflects holdings by participants who are not looking to sell in the near term.

Daily active addresses (DAA) also surged 89%, jumping from 384,763 to 730,278 on April 5. Analysts note that similar spikes in network activity have consistently preceded significant ETH price rallies at macro bottoms since 2022. Ethereum's total staked supply now stands at 39.2 million ETH, while exchange-held supply has fallen to multi-year lows, tightening order book liquidity.

A Trend Building Since Mid-2025

Daily inflows into accumulation addresses began accelerating in mid-2025, reaching an all-time high of 1.14 million ETH in November 2025. In 2026, the pace has continued, averaging 200,000 ETH per day with a spike to over 358,000 ETH recorded on Thursday. The sustained nature of this accumulation — spanning several months — suggests an ongoing structural re-rating rather than a short-term event.

Outlook [Expert Analysis]

On the technical side, ETH/USD has formed a cup-and-handle (C&H) pattern on the 12-hour chart. A confirmed close above the neckline at $2,400 would set an initial measured target of approximately $2,960, representing roughly 22% upside from current levels.

Trader TheSkayeth identified a larger C&H pattern forming over the past two months on the daily timeframe, suggesting ETH is "setting up for a massive move" toward a "golden zone" with a measured target of $3,150 — about 30% above current price.

The RSI has climbed to 68, indicating bulls have regained control. However, ETH bulls will need to hold the $2,350–$2,400 support zone to sustain any breakout. A breach below this range could quickly erode momentum. Despite the convergence of bullish on-chain and technical signals, macro-driven volatility remains a key risk factor that cannot be dismissed.