Ethereum is approaching a significant technical level that could determine its near-term direction. With ETH trading near $2,696, the cryptocurrency is moving into a tighter trading range within a large symmetrical triangle formation, according to analysis of on-chain data.
The main resistance zone sits between $2,700 and $2,750. Breaking above and holding this level would signal that buyers are gaining control of the market. However, a substantial supply wall exists between $2,722 and $2,822, where more than 13.3 million ETH previously changed hands. This concentration of historical trading activity could create selling pressure if ETH returns to these price levels.
Whale Accumulation Intensifies
Large holders have increased their buying activity significantly. Transactions worth more than $1 million on the Ethereum network surged from 1,202 to 7,113 in one week, representing an increase of nearly 500%. During this period, major holders accumulated more than 320,000 ETH, valued at approximately $864 million.
This elevated whale activity suggests that large investors are continuing to accumulate while ETH approaches the resistance zone. If this buying pressure absorbs the available supply, a price breakout could become more likely.
Institutional Support Through ETF Inflows
U.S. spot Ethereum ETFs are showing strong institutional demand, with six consecutive days of inflows during the week. The weekly total reached approximately $690 million, with the strongest single day recording a $270 million net inflow, marking the strongest daily performance for Ether funds since the October 2025 cycle peak.
Price Targets and Resistance Levels
If Ethereum successfully breaks above the $2,750 hurdle, additional resistance areas exist around $2,970 and $3,366. The next major price target is viewed at $3,400. Beyond this level, Ethereum could potentially move toward the $4,300 range if buying momentum persists.
