Ethereum's 10% Surge Linked to Whale Activity, Resistance Zone Looms
Crypto analyst Ali Martinez believes that whales are behind Ethereum's recent price surge. In a matter of hours, the cryptocurrency rose by approximately 10 percent from $2,433 to $2,667. This increase coincided with the release of US August inflation figures at 3.4 percent year-on-year.
Martinez points out that on-chain data shows increased activity from large investors in the Ethereum market. Specifically, transactions exceeding $1 million in value have risen by about 14 percent, indicating stronger participation from whales.
However, Ethereum is nearing a significant resistance zone in the short term. Historically, over 10 million ETH were transacted in the $2,700 to $2,800 range, suggesting that selling pressure could emerge at these levels if breached.