Ethereum Whales Accumulate Amid Market Decline

Despite recent market losses, Ethereum is seeing significant accumulation by large investors. According to data from cryptocurrency analyst Ali Martinez, over 320,000 ETH were accumulated in the last week alone.

This surge in buying activity has been accompanied by a substantial increase in transactions on the Ethereum network with values exceeding $1 million, rising by approximately 500% from 1,202 to 7,113 during the same period.

However, analysts warn that Ethereum still faces significant resistance at the $2,750 level. This region is critical as it holds a substantial supply wall between $2,722 and $2,822, where more than 13.3 million ETH changed hands.

If Ethereum can break above this resistance point, one potential target to watch is the $3,400 level, although analysts emphasize that this is not investment advice.