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ETH Ethereum surged 10% in two hours, and the surge in giant whale trading boosted market momentum.
Ethereum recently rebounded strongly, gaining 10% in just two hours. The price quickly climbed to $2,67 from $2,433, a sudden rise that analysts attributed to a surge in activity on the chain, especially a wave of buying triggered by large holders known as the "giant whale."
Active whale trading boosts market sentiment
Market data shows that the number of large transactions exceeding US$1 million has increased significantly. As Ethereum prices soared, such transactions increased by almost 14%. Analysts pointed out that this pattern suggests that wallets holding large amounts of ETH are accumulating on a large scale, with activity exceeding that of retail investors.
The increase in whale participation follows the release of the latest U.S. inflation data in August, which showed an annual inflation rate of 3.4%. Observers linked the timing of ETH's rebound to macroeconomic data and believed that institutional investors quickly adjusted their positions. Well-known cryptocurrency analyst Ali Charts posted on the X platform that Ethereum had previously hit a key price target of $2,740, and the area has been receiving attention.
Ethereum's surge was directly due to the increase in whale activity, with major currency holders entering immediately after new inflation data came out. Historically, these large wallets have often accelerated price fluctuations in a short period of time. This two-hour surge is typical of a market dynamic dominated by giant whales. On-chain analytics firm Sanitation also supports this view, reporting a nearly 14% increase in transaction volume of more than $1 million, underscoring the dominance of demand from large holders during the surge.
Rapid moves driven by giant whales often lead to rapid price adjustments because large amounts of capital can quickly change market sentiment within the network. According to market observers, major holders often coordinate their activities or respond quickly to external news, amplifying short-term volatility on platforms such as Ethereum.
$2,700 - 2,800 range faces key resistance
Despite recent gains, Ethereum is currently facing a key resistance area between $2,700 and $2,800. A report from blockchain analysis company Glassnode shows that more than 10 million ETH were previously traded within this price range, and as tokens approached this level, a dense supply concentration area was formed.
Market participants believe that if the giant whale intends to push up prices, it may need to absorb a lot of selling pressure. Technical analysts note that many holders entering between $2,700 and $2,800 may choose to exit near the break-even point. To maintain a breakthrough in this range, continued support from giant whale demand is needed. Analysts said a correction could occur if a cumulative slowdown at resistance levels.
Crypflow, a trader focusing on technical forms, describes the current price movement as a liquidity sweep of previous ranges. The trader suggested that if Ethereum falls below the current range, it may lay the foundation for future upward expansion. This behavior is often referred to as "liquidity grabbing" and may signal a renewed interest from major buyers once the supply of resistance is exhausted.
Whether Ethereum can maintain its momentum and hit the US$3,000 level will likely depend on the next move these large holders make in the resistance zone.
Terminology interpretation
- Glassnode: A well-known blockchain analytics platform that provides on-chain data, insights and indicators for tracking large transactions, wallet activity, and supply distribution of cryptocurrencies.
Price Region Analysis
More than 10 million ETH units were previously purchased for between US$2,700 and US$2,800. The area forms a dense supply barrier, and the giant whale's ability to absorb selling pressure will determine whether Ethereum can continue to push towards $3,000 in the short term.
