Ethereum whales have increased their holdings significantly, amassing over 450,000 ETH within the past month, suggesting bullish sentiment driven by low gas fees. This increase coincides with growing confidence among large investors as smaller holders exit the market. Technical analysis indicates potential for a breakout above $2,900 after surpassing the current resistance of $2,750. 16.79 million ETH is now held in wallets holding between 10,000 and 100,000 ETH, compared to 16 million ETH in March. This indicates a shift from selling by smaller investors. The surge in Ethereum’s price, reaching near $2,679 on May 13th after plummeting under $2,400 in March, fuels the growing confidence of whales. Further evidence points to a strategic accumulation strategy, with major wallets like those on centralized exchanges like OKX and Binance showing significant inflows as they prepare for potential volatility. The combination of low gas fees and high transfer volume further contributes to this trend, allowing large-scale ETH transfers at reduced costs. Whales are capitalizing on the market’s current momentum. Technical analysis shows a symmetrical triangle pattern that precedes bullish continuation. Analysts suggest the target price could be around $2,900 if the resistance level is broken. Overall, the accumulation strategy of whales suggests a significant shift towards bullish sentiment in the Ethereum market.