Bitcoin and altcoins continue to lose momentum after last week’s surge. Currently, BTC has fallen to around $82,000, while Ethereum has dropped to around $2,650.
However, the activity of large investors in Ethereum has reached remarkable levels. According to data shared by cryptocurrency analyst Ali Martinez, over 320,000 ETH were accumulated by large investors in the last week. During the same period, the number of transactions on the Ethereum network with a value exceeding $1 million also increased from 1,202 to 7,113. This increase corresponds to approximately 500 percent.
Critical Resistance for Ethereum: $2,750!
With significant volatility observed in Ethereum, analysts say ETH is approaching a crucial level that could determine its next major move.
According to the analyst, the biggest obstacle for ETH is the 2,750 region. Therefore, Ethereum needs to break above and stay in this region to confirm that buyers have taken control.
According to the analyst, the challenge for ETH is the amount of ETH that was previously traded at higher levels. At this point, the analyst notes that ETH continues to face a significant supply wall between $2,722 and $2,822.
According to the chart he shared, there is a large supply range between $2,722 and $2,822, where more than 13.3 million ETH changed hands.
This makes this region important because many investors in this range might sell if ETH returns to its previous purchase prices.
According to the analysis, if Ethereum surpasses the $2,750 region, one of the key targets to watch is the $3,400 level.
*This is not investment advice.
