Crypto analyst Ali Martinez stated that whale activity played a significant role in the recent surge in Ethereum. Ethereum (ETH) rose by approximately 10 percent in just two hours today, climbing from $2,433 to $2,667. According to Martinez, the rise accelerated after the US August inflation figures were released at 3.4 percent year-on-year.
On-chain data also indicates increased activity by large investors in the market. Martinez stated that the number of ETH transactions exceeding $1 million in value has increased by approximately 14 percent, indicating that whales are participating more strongly in the Ethereum market.
However, Ethereum is reportedly approaching a significant resistance zone in the short term. The fact that more than 10 million ETH were transacted in the $2,700 to $2,800 range previously suggests that serious selling pressure could emerge at these levels.
According to Martinez, for Ethereum to initiate a new upward move towards $3,000, it needs to break through the supply barrier between $2,700 and $2,800, with the support of whales. The analyst added that the increase in whale activity is positive, but the key area to watch in the coming period is the $2,700-$2,800 range.
*This is not investment advice.
