Ethereum Price Surges on Whale Activity, Approaches Key Resistance Zone
Crypto analyst Ali Martinez pointed out that whale activity contributed significantly to Ethereum's recent surge. In just two hours, ETH rose by approximately 10 percent, increasing from $2,433 to $2,667.
The acceleration of the price rise coincided with the release of US August inflation figures at 3.4 percent year-on-year. Martinez noted that on-chain data indicates increased activity from large investors in the Ethereum market.
Notably, the number of ETH transactions exceeding $1 million in value has increased by approximately 14 percent, suggesting stronger participation from whales. However, a significant resistance zone is approaching in the short term, specifically between $2,700 and $2,800.
The analyst emphasized that Ethereum needs to break through this supply barrier with the support of whales to initiate a new upward move towards $3,000. Martinez highlighted the key area to watch as the $2,700-$2,800 range in the coming period.