ETH Whales Accumulate Big; Analyst Sees Key Hurdle in $2,750 Resistance Level

Bitcoin and Ethereum have seen their prices drop after last week's surge. BTC is currently trading around $82,000, while ETH has fallen to approximately $2,650.

The accumulation of large investors in Ethereum has reached significant levels. According to data shared by cryptocurrency analyst Ali Martinez, more than 320,000 ETH were accumulated by whales in the last week.

During this period, transactions on the Ethereum network with a value exceeding $1 million increased from 1,202 to 7,113, corresponding to a 500 percent rise. This surge in large transactions suggests that investors are buying up significant amounts of ETH.

However, analysts warn that ETH still faces a major obstacle: breaking above the $2,750 resistance level. If it fails to do so, buyers may not be confident enough to drive prices higher.

The region between $2,722 and $2,822 is particularly significant, as more than 13.3 million ETH changed hands here in the past. If investors in this range sell their holdings if ETH returns to its previous purchase price, it could put downward pressure on the market.