Ethereum Whales Ignite Price Surge to 8-Month High

Ethereum saw a sudden surge on Friday, pushing its price to an 8-month high of $2,660 before being halted. This unexpected move occurred within an hour and caught many in the community off guard.

According to data shared by analyst Ali Martinez, Ethereum whales played a significant role in breaking the key $2,500 resistance. Transactions worth over $1 million increased by nearly 14% during the rally, indicating substantial activity from these large market participants.

The surge was preceded by several encouraging on-chain signals identified by Martinez earlier in the week. These included the withdrawal of over 116,000 ETH (worth approximately $300 million at the time) from exchanges within a 48-hour period, reducing the available supply for trading.

Now that the resistance zone has turned into support at $2,475, where around 2.86 million ETH had previously changed hands, it remains to be seen if Ethereum can sustain its gains or face further challenges.