Whale Activity Fuels Ethereum Rally Ahead of Key Resistance Zone

Crypto analyst Ali Martinez attributes Ethereum's recent surge to whale activity.

The price of Ethereum rose by approximately 10 percent in just two hours, from $2,433 to $2,667, following the US August inflation figures release at 3.4 percent year-on-year.

Martinez notes that on-chain data indicates increased large investor activity in the market, with a 14 percent increase in ETH transactions exceeding $1 million in value.

However, Ethereum is approaching a significant resistance zone in the short term, as more than 10 million ETH were transacted in the $2,700 to $2,800 range previously, suggesting potential selling pressure at these levels.