Ethereum Price Eyes Powerful Rally to $2,500 After Whale Buy

Ethereum's price continues to trade above its key moving averages after a strong rally in August, with notable ETF net inflows and derivatives volume keeping attention on the $2,500 mark.

As of now, Ethereum is trading at $2,420.48, recording a loss of 3.60% in the last 24 hours, following a break above the $2,400 mark.

The daily chart shows a bounce off the support level of $1,858.89 and consolidation above the resistance level of $2,146.39, indicating buying strength.

A whale spent around $13.55 million to buy 5,425 ETH at a price of $2,498, close to the recent market tops, adding credence to the bullish setup.