Ethereum Whales Trigger 8-Month High Surge: What's Next for ETH?

Ethereum (ETH) saw a sudden and unexpected surge on Friday, breaking past its key $2,500 resistance level to reach an 8-month high of $2,660. The move was fueled in part by Ethereum whales, who played a significant role in breaking through the barrier.

According to data shared by popular analyst Ali Martinez, Ethereum transactions worth more than $1 million increased by almost 14% during the rally, suggesting a substantial uptick in activity from these large market participants. This surge was also preceded by several encouraging on-chain signals identified earlier in the week.

The rally saw ETH climb from under $2,440 to $2,667 within less than two hours, posting one of its most impressive wicks this year. However, the bears were quick to step up and didn't allow ETH to exceed $2,700 or even retain much of the gains, with the asset now back at just over $2,500.

The next challenge could be even harder for ETH, as on-chain data shows that more than 10 million ETH were previously acquired between $2,720 and $2,820, creating a substantial resistance zone. Investors who bought within this range may dispose of their assets if ETH returns toward their cost basis.