TLDR:
- Ethereum surged 10% within two hours as whale-driven buying accelerated the entire price move.
- Whale transactions above $1 million jumped nearly 14%, signaling strong large-holder demand.
- Glassnode data shows more than 10 million ETH previously traded between $2,700 and $2,800.
- Analysts say clearing the $2,700–$2,800 resistance zone could open the path toward $3,000.
Ethereum surged 10% in two hours, moving from $2,433 to $2,667, as large holders stepped up buying activity. Whale transactions above $1 million rose nearly 14% during the move.
The increase in large-wallet activity coincided with fresh August inflation data showing a 3.4% annual rate. Analysts say whale participation played a central role in accelerating the rally. Ethereum now approaches a key resistance zone near $2,700 to $2,800.
Large Holders Take the Lead in Ethereum’s Move
Whale activity stood out as the defining feature of this week’s rally. On-chain data showed transactions above $1 million climbing nearly 14%.
That shift pointed to concentrated buying from large wallets rather than broad retail demand. The pattern suggested bigger holders positioned early as sentiment turned favorable.
Analyst Ali Charts tracked the move in a five-part breakdown on X. The account noted Ethereum had already reached a $2,740 target flagged earlier.
It tied the rally directly to rising whale participation. The post framed large-holder activity as the main force behind the two-hour surge.
Data cited in the thread, sourced from Santiment Intelligence, reinforced that reading. The nearly 14% jump in large transactions came alongside the price spike.
Such increases often reflect accumulation by whales rather than short-term retail trading. The timing suggested large holders acted quickly once the inflation report was released.
Whale-driven rallies tend to move faster and with less warning than retail-led ones. The two-hour timeframe of this surge fits that pattern closely.
Large wallets can shift price quickly when acting in coordination or in response to macro news. This rally appears to reflect exactly that kind of behavior.
Whales Now Face a Resistance Test Near $2,800
Even with whales fueling the advance, Ethereum faces a dense supply zone ahead. Glassnode data showed over 10 million ETH previously traded between $2,700 and $2,800.
That volume represents holders likely to sell as price returns to their entry range. Whales pushing further will need to absorb that supply.
Analysts view this range as the next test of whale conviction. Sustained buying from large wallets would be needed to clear the zone.
A pullback could follow if whale demand fades near resistance. The $2,700 to $2,800 band is being treated as the decisive marker.
Trader Crypflow offered a technical read that aligns with the whale narrative. The post described a liquidity sweep above the prior range, followed by a move back inside.
Similar setups in past consolidations preceded larger directional shifts. Crypflow suggested a sweep below the range could occur next.
If that pattern repeats, Crypflow noted it could set up an expansion move higher. Such liquidity grabs often precede renewed buying from larger participants.
Whether whales continue driving Ethereum higher will likely hinge on this resistance test. Their next move should determine if $3,000 comes into range soon.
