Ethereum Whale Accumulation Fuels Gains, Breaks Above $2,970 Key to $5,000
Ethereum has seen significant gains in recent days, surging by 34% to reach as high as $2,547. According to crypto analyst Ali Martinez, this rally is fueled by continued whale accumulation and shrinking exchange balances.
As Ethereum approaches the strong supply zone of $2,722 to $2,970, which houses about 16.7 million ETH bought previously, investors are wondering if it can break through and propel further gains. If successful, Martinez predicts a potential rise towards $5,363, the next major MVRV pricing band.
However, if Ethereum fails to clear this resistance zone, it could pull back toward its realized price of $2,235 before attempting another advance. The market is watching closely as Ethereum's market value-to-realized value (MVRV) ratio has formed a golden cross on Aug. 19, further fueling expectations for growth.
The number of addresses holding more than 10,000 ETH has risen by 17 over the past week, while 180,764 ETH left exchanges during the same period, worth approximately $440 million. This suggests that readily available selling supply is decreasing as buying pressure builds up.