Ethereum briefly surged nearly 10% after the latest CPI release, climbing from $2,433 to $2,667 in a sharp move that analysts linked to whale activity. According to analyst alicharts, the number of Ethereum transactions worth more than $1 million rose by nearly 14% during the rally, suggesting that large holders were active behind the move. The analyst also said ETH is now approaching a major resistance zone. More than 10 million ETH had previously changed hands between $2,700 and $2,800, creating what alicharts described as a sizable supply wall. That range now stands out as the key area bulls, especially whales, would need to break through before Ethereum can make a run toward $3,000. The move came shortly after CPI data was released, with the price reaction unfolding over a short period.
Ethereum briefly jumped nearly 10% after the latest CPI release, rising quickly from $2,433 to $2,667, according to ChainCatcher.
Analyst alicharts said the short-lived rally was driven by whales. During the move, the number of Ethereum transactions worth more than $1 million increased by nearly 14%.
At the same time, alicharts said ETH is approaching a major resistance level. More than 10 million ETH had previously been traded between $2,700 and $2,800, creating a notable supply wall in that range.
In the analyst’s view, whales need to clear that zone before Ethereum can climb to $3,000.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
