Ethereum Whale Buying Surges as Price Nears Crucial Resistance Zone
Ethereum has been gaining momentum in September, rising over 9% against its typical weak crypto returns. Large investors have taken notice and increased their holdings of ETH, accumulating a significant amount of 320,000 ETH worth approximately $864 million.
According to data from analyst Ali Martinez, transactions above $1 million skyrocketed by nearly 500%, increasing from 1,202 to 7,113 within a week. This surge in whale buying activity is seen as a bullish sign for the cryptocurrency's price.
The Ethereum price currently faces resistance between $2,722 and $2,822, with further levels near $2,970 and $3,366 being targeted if the price breaks through this zone. Analyst Martinez notes that investors may experience repeated failed attempts before clearing this hurdle.