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ETH Ethereum Whales suddenly exerted strength, ETH soared to an eight-month high: What is the market outlook heading?
After struggling for weeks with a key $2,500 resistance level, the largest altcoin, Ethereum (ETH), broke out on Friday, quickly breaking through that level, hitting its highest level of $2,660 since late January, before its gains were blocked. This 8% increase came quite unexpectedly and was completed in just one hour, raising many questions in the community about the behind-the-scenes drivers and subsequent trends.
Are whales the main force of this rally?
According to data shared by well-known analyst Ali Martinez, the Ethereum giant whale played an important role in ultimately breaking down this barrier, albeit for a short time. During this pull-up, Ethereum transaction volume worth more than $1 million increased by nearly 14%, indicating a significant increase in activity among these large market participants.
In less than two hours, Ethereum hit one of the most representative long shadows of the year, with the price climbing from below $2,440 to $2,667 before falling back. The northward breakthrough echoed multiple positive chain signals identified by analysts in the previous week.
It was previously reported that within 48 hours, more than 116,000 pieces of Ethereum (valued at about US$300 million at the time) were withdrawn from the exchange. Such measures reduce the number of assets on the market that are immediately available for trading.
In addition, Martinez pointed out that $2,475 is an important resistance area that has now transformed into support, after about 2.86 million Ethereum units changed hands in this range. As we said at the time, if ETH can break through $2,530, its bullish view expected prices to soar to around $2,700.
ETH's future direction
Despite Friday's impressive rally, bears quickly stepped in to prevent ETH from breaking through $2,700 and even failed to retain most of the gains. Asset prices have now fallen back just above $2,500, and the challenges ahead may become even more severe.
On-chain data shows that more than 10 million Ethereum units have been accumulated between US$2,720 and US$2,820, which constitutes a huge resistance area. If ETH prices return to near their cost base, investors buying in that range may sell assets, especially because they have been waiting for such a price for so long.
In addition to technical factors, risky assets, including Bitcoin and altcoins, will face a major test next week as the Federal Reserve expects to raise interest rates on September 16. Prior to that, the U.S. Senate plans to vote on the CLARITY Act, which could bring more volatility.
