Ethereum surged above $2,650 on Friday, marking its highest value since January amid a notable increase in activity from large holders and growth in wallet numbers. Data from Santiment indicated that whale transactions contributed to the latest price movement, with ETH trading at $2,651.97, reflecting a 5.63% rise over 24 hours and a 4.80% gain over the past week.
Whale transactions and address growth
Whale transactions, typically representing significant activity by major holders with large ETH balances, rose in tandem with Ethereum’s price. Santiment emphasized that these transactions do not necessarily reveal whether whales are buying or selling, but the increased volume highlights their growing engagement in the market.
Ethereum’s holder base also reached a new milestone, with the number of addresses containing a non-zero ETH balance climbing to 207.17 million. While this figure counts total wallet addresses rather than unique users, it demonstrates a sustained increase in network participation.
“Ethereum has pushed above $2,630, its highest value since January. At the same time, whale transactions are climbing, showing that large holders are becoming increasingly active as $ETH breaks higher,” Santiment noted in a recent update.
Santiment’s data show that the acceleration in whale and address activity has coincided with overall bullish sentiment. Market observers tracking on-chain activity use these statistics to monitor shifts in market structure and potential momentum swings.
Price analysis and resistance levels
Technical analysts such as DamiDefi observed that ETH recently broke out from its year-long downtrend, delivering an approximate 41% gain following the breakout. The analyst identified a resistance zone near current levels, estimating that a sustained move higher could open the path to $2,800 and potentially to $3,300 or $3,400, provided ETH holds above resistance.
Technical projections see significant resistance around present values, with upward targets of $2,800 in the near term and $3,300 to $3,400 as further milestones if momentum continues.
Other analysts, including Cryptocupra, compared the present price structure to previous bottom and expansion phases in Ethereum’s history, projecting hypothetical scenarios for substantial future gains. These are market opinions rather than definitive forecasts and depend on Ethereum overcoming established resistance before higher price targets can be considered.
Staking, DeFi activity, and network utility
Network utility has strengthened alongside price appreciation. More than 40 million ETH is currently staked, supporting Ethereum’s security and yielding staking rewards. This staking activity includes both independent validators and pooled services, making participation accessible to smaller holders.
Ethereum’s DeFi ecosystem remains robust, with approximately $50 billion in total value locked across decentralized applications such as stablecoin platforms, lending protocols, and decentralized exchanges. These DeFi services boost engagement by providing uses for ETH beyond direct speculation.
Wallet growth, combined with staking and DeFi activity, underscores Ethereum’s expanded functionality as a network.
Mini dictionary: DeFi (Decentralized Finance), a sector of blockchain technology that replaces traditional financial intermediaries with smart contracts and decentralized applications, enabling peer-to-peer transactions, lending, stablecoins, and yield-generating protocols on networks like Ethereum.
As traders watch price acceptance above short-term resistance, investors focus on whale activity, staking behavior, and ongoing growth in DeFi participation for broader clues about network health.
| Metric | Value |
|---|---|
| ETH price (latest) | $2,651.97 |
| Non-empty wallets | 207.17 million |
| ETH staked | Over 40 million |
| Ethereum DeFi TVL | $50 billion |
Ethereum’s recent surge integrates price momentum with expanding network participation, driven by staking and increased use of DeFi applications.
