Ethereum posted a sharp rally, gaining 10% within two hours as large holders drove a wave of buying. The price climbed from $2,433 to $2,667 during the sudden move, which analysts attributed to a surge in on-chain activity by so-called whales.
Whale transactions rise, boosting market momentum
Market data revealed a notable increase in transactions over $1 million, which rose nearly 14% as Ethereum’s price spiked. Analysts stated that this pattern suggested significant accumulation by wallets holding large amounts of ETH, outpacing activity from retail investors.
The uptick in whale participation followed the release of fresh US inflation figures for August, which showed an annual rate of 3.4%. Observers linked the timing of the ETH rally to the macroeconomic data, suggesting that institutional players rapidly adjusted their positions.
Ali Charts, a well-followed crypto analyst, highlighted in an X post that Ethereum had reached a key price target of $2,740 previously flagged as an area of interest.
Ethereum’s surge was tied directly to increasing whale activity, with major holders stepping in as soon as new inflation figures emerged. These large wallets have historically accelerated price movements in short timeframes, and the two-hour spike reflects typical whale-led dynamics.
On-chain analytics firm Santiment supported this view, reporting a nearly 14% uptick in transactions exceeding $1 million, underscoring the dominance of large-holder demand during the rally.
Rapid moves driven by whales often result in swift price adjustments, as significant capital can shift sentiment quickly on the network.
According to market observers, major holders often coordinate their activity or react rapidly to external news, amplifying short-term volatility on platforms like Ethereum.
Critical resistance at $2,700–$2,800 for Ethereum
Despite the recent advance, Ethereum now faces a key resistance zone between $2,700 and $2,800. Glassnode, a blockchain analytics company, reported that over 10 million ETH had previously traded within this price range, creating a concentration of supply as the token approaches those levels.
Market participants believe that whales likely need to absorb significant selling pressure if they intend to push prices higher. Many holders who entered between $2,700 and $2,800 could look to exit at breakeven, according to technical analysts.
Sustained whale demand would be required for Ethereum to decisively clear this band. If accumulation slows at resistance, analysts say a pullback could develop.
Crypflow, a trader focused on technical setups, described the current price action as a liquidity sweep above the previous range. The trader suggested that if Ethereum dips below the current range, it could set up for an eventual expansion move to the upside.
This behavior, often referred to as a liquidity grab, can signal renewed interest from significant buyers once supply at resistance is exhausted.
Whether Ethereum can sustain momentum and reach the $3,000 level will likely depend on the next actions of these large holders at the resistance zone.
Mini dictionary: Glassnode: A blockchain analytics platform known for providing on-chain data, insights, and metrics to track large transactions, wallet activity, and supply distribution of cryptocurrencies.
| Price zone | ETH traded (million) | Potential outcome |
|---|---|---|
| $2,433 – $2,667 | N/A | 10% price jump, driven by whale buying |
| $2,700 – $2,800 | 10+ | Heavy resistance, likely selling pressure from previous buyers |
| Above $2,800 | N/A | Potential new rally if resistance is cleared |
More than 10 million ETH were previously bought between $2,700 and $2,800. This area forms a dense supply barrier, and the ability of whales to absorb this selling could determine whether Ethereum pushes on toward $3,000 in the near future.
