Ethereum's Bull Run Hinges on Clearing Key Supply Wall

Ethereum (CRYPTO: ETH) is nearing a crucial level that could determine if it enters a bull market, according to leading cryptocurrency analyst Ali Martinez. The 'final hurdle' for Ethereum lies between $2,722 and $2,822, where over 13.3 million ETH previously traded.

Martinez noted that once Ethereum clears this zone, the next hurdles near $2,970 and $3,366 are relatively smaller. He highlighted a sharp spike in whale activity on X, with ETH transactions valued at $1 million surging by 500% over the week.

Large holders accumulated more than 320,000 ETH over the past week, worth over $847 million at current prices. This buying activity dominated the market, indicating that whales are accumulating Ethereum in anticipation of a potential price increase.