Ethereum Nears Final Hurdle Before Bull Run

Ethereum's price is nearing a crucial level that could decide its next major move, according to popular crypto chart analyst Ali Martinez. The current price of $ETH is trading near $2,696, and buyers face a final hurdle around $2,700-$2,750.

Ali Martinez identifies this zone as the apex of a large symmetrical triangle, where the price is moving into a tighter range before a possible breakout. To confirm buyers are gaining control, Ethereum needs to break above and hold this zone.

The challenge lies in the amount of $ETH previously traded at higher levels, which has created a large supply area between $2,722 and $2,822. This makes the zone important because many holders in this range could sell if $ETH returns to their previous buying prices.

Despite this supply wall, whale activity is moving in the opposite direction. Transactions worth more than $1 million jumped from 1,202 to 7,113 in one week, an increase of nearly 500%. Large holders added more than 320,000 $ETH, worth around $864 million at current prices.

Strong institutional demand is also adding buying pressure. U.S. spot Ethereum ETFs recorded six consecutive days of inflows, bringing the weekly total to about $690 million.