Whales Fuel Ethereum's 10% Surge as CPI Data Triggers Buying Spree
Ethereum experienced a sharp 10% surge in price within two hours, reaching $2,667 from $2,433. This sudden increase was largely driven by large holders stepping up their buying activity.
According to Glassnode data, whale transactions above $1 million jumped nearly 14%, signaling strong demand from these large wallets. Analysts attribute this acceleration of the price move to the involvement of whales in the market.
The inflation report released earlier showed a 3.4% annual rate for August, which coincided with the increase in large-wallet activity. This suggests that the fresh data sparked buying interest among large holders.
As Ethereum approaches the key resistance zone near $2,700 to $2,800, analysts warn that whales will need to absorb a significant amount of supply from holders who sold at this range earlier. Sustained buying from large wallets would be necessary to clear this zone and potentially open the path towards $3,000.