Ethereum Whales Boost Activity Amidst Supply Pressure

Ethereum (ETH) is experiencing heightened activity from large holders as they increase their involvement across the network. According to crypto analyst Ali Charts, transactions worth more than $1 million surged from 1,202 to 7,113 over the past week, representing a nearly 500% increase in whale activity.

The substantial rise in large-value transfers has also coincided with significant accumulation by major holders, who added more than 320,000 ETH valued at approximately $864 million at current prices.

Ethereum is approaching a major supply zone between $2,722 and $2,822, where more than 13.3 million ETH were previously traded. This concentration of historical activity could make the area difficult to clear and may lead to consolidation or rejection around the zone.