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ETH Summary: Large holders lead the market for Ethereum
Whale population faces resistance tests around $2800
Ethereum surged 10% in two hours, rising from $2433 to $2667, a price movement accelerated by buying activity by large holders (commonly known as "whales"). During this period, the number of large transactions exceeding $1 million surged nearly 14%, indicating strong demand from large holders.
According to Glassnode data, more than 10 million ETH units had previously circulated in the range of US$2700 to US$2800. Analysts pointed out that breaking through the $2700 - 2800 resistance zone would open the way for prices to move towards $3000.
Large holders dominate the Ethereum market
Whale activity has become the most prominent feature of this week's rally. On-chain data showed that transaction volume exceeding $1 million climbed nearly 14%. The shift suggests that the rise was driven mainly by concentrated buying in large wallets rather than widespread retail demand. This model suggests that as market sentiment turns positive, large holders have laid out ahead of schedule.
Analyst Ali Charts tracked this trend through a five-part analysis on X Platform (formerly Twitter). The account noted that Ethereum had reached its previously marked target of $2740 and attributed the rebound directly to increased whale participation. The post described the activities of large holders as the main driving force behind the two-hour surge.
Data quoted from Sanitation Intelligence further confirms this view. Nearly 14% of large transaction increases occurred simultaneously with price spikes. Such growth usually reflects whale hoarding rather than short-term retail trading. Timing suggests that large holders act quickly after the inflation report is released.
Whale-driven markets tend to move faster and have fewer warnings than retail people-led markets. The two-hour surge time frame closely fits this pattern. When large wallets coordinate actions or respond to macro news, they can quickly change price movements. This rebound seems to reflect this behavioral characteristic.
Whale population faces resistance test near $2800
Although whales have driven the market up, Ethereum still faces dense supply areas ahead. Glassnode data shows that more than 10 million ETH units have previously been traded in the range of $2700 to $2800. This portion of volume represents those holders who may choose to sell when the price returns to its entry range. If whales want to push up prices further, they must absorb these supply chips.
Analysts see this range as the next test of whale determination. To clear this resistance zone, large wallets need to continue to buy. If whale demand recedes near resistance, a correction may occur. The $2700 to $2800 range is seen as the decisive indicator.
Trader Crypflow provided a technical analysis that matched the technical narrative. The post described a liquidity sweep above the previous range, and then prices went back inside. In the past, similar forms of integration have heralded greater directional changes. Crypflow pointed out that a downward sweep of the range could occur next.
If this pattern repeats, Crypflow believes it may set the stage for higher expansionary movements. Such liquidity gains often signal that large players will start buying again.
Whether whales continue to push Ethereum higher will likely depend on the results of this resistance test. Their next move will determine whether the $3000 target soon comes into range.
