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Following
ETH 
WBTC Ethereum breaks through key resistance levels, and giant whale continues to increase its holdings to boost market confidence.
Ethereum (ETH) has broken through key resistance levels, showing that optimism among large investors and market participants is heating up again. As ETH stabilizes itself above newly established support, this positive momentum further strengthens the market's expectation of continued gains while current trends continue.
Technological breakthrough inspires optimism
Technical analyst Gerla reports that Ethereum has broken through a long-standing downtrend line that has limited its price gains in previous months. The breakthrough was seen as an important bullish signal that market sentiment could shift in favor of buyers.
Market experts pointed out that breaking through this trend line not only improved the price structure of ETH, but also highlighted the enhanced confidence of the investor community. Resistance levels are now becoming a key support level that traders watch closely.
Analysts believe that as long as ETH continues to hold this support level, bullish momentum is expected to continue. Some believe that if buying activity remains strong, this could open room for prices to move towards $2,800.
Giant whale holdings indicate institutional confidence
Data from online data analysis platform Lookonchain shows that a major cryptocurrency giant whale (address 0x2684) recently purchased 7,919.5 ETH, worth US$14.89 million. The purchase is part of a continued large-scale increase in ETH by institutions observed in the past few months.
Since June 30, the same address has increased its holdings of 74,265 ETH, valued at US$131.5 million, with an average price of US$1,771; at the same time, it has increased its holdings of 1,050 Wrapped Bitcoin (WBTC), valued at US$67.49 million, with an average price of US$64,277.
The continued increase in holdings by large entities is usually interpreted as increased confidence in Ethereum's long-term prospects, which may provide upward pressure on currency prices.
(Note: Lookonchain is an on-chain analytics platform that provides blockchain transaction tracking and large wallet monitoring to identify key market trends.)
Market sentiment and potential scenarios
As of the latest valuation, ETH was trading at US$1,870.05, with a 24-hour trading volume of US$4.4 billion, and a market value of US$225.54 billion. Bullish momentum, coupled with giant whale activity, has sparked discussions in the market that prices may reverse upwards. [TAG
However, analysts also cautioned against caution, pointing out that current market uncertainty could turn this breakthrough into a false signal if broader conditions fail to support further gains.
Analysts pointed out that although continued increases in holdings and technical strength support ETH's positive prospects, maintaining new support levels is crucial for further gains.
Market observers stressed that if ETH prices fall below established support levels, it could trigger a correction and traders will seek to reduce exposure. The next trading session is expected to be the key to determining the short-term direction of Ethereum prices.
