Ethereum Whales Positioning for Breakout as $2,800 Resistance Zone Holds

Ethereum's price has been struggling to break through the $2,800 resistance zone for some time now. However, recent on-chain signals suggest that large ETH holders are not selling out of this region, but rather positioning themselves for a potential breakout.

The latest surge in whale transactions and older coins moving again indicates that these large holders are active in the market, with several significant purchases being made near the $2,700-$2,800 area. For example, an ICO-era wallet bought 8,492.8 ETH for around $23.7 million at a price of $2,794.

The exchange supply trend remains tight, with more ETH moving out than in over the past 30 days. This suggests that despite the increased activity from whales, there is still a lack of fresh speculative demand entering the market. The weighted sentiment has weakened after several failed attempts to sustain a breakout, while holder profitability has improved.

The current on-chain setup leans towards accumulation rather than a broad whale exit. A decisive daily close above $2,800 would confirm a fresh breakout and put $3,000 back in focus. However, another rejection could increase the risk of profit-taking and push ETH back toward its lower support zones.