Ethereum surged 10% within two hours, rising from $2,433 to $2,667, driven by a sharp increase in large-wallet activity. On-chain data showed whale transactions above $1 million climbing nearly 14% during the move, signaling concentrated buying from major holders rather than broad retail demand.
The spike in large-holder participation coincided with the release of August inflation data showing a 3.4% annual rate. Analysts attributed the rapid rally directly to whale activity, which tends to move markets faster than retail-led trading.
Whale-Driven Accumulation Signals Strong Demand
Large wallet transactions stood out as the defining feature of this week's rally. Data from Santiment Intelligence reinforced that the nearly 14% jump in transactions above $1 million occurred alongside the price spike, suggesting accumulation by whales rather than short-term retail trading.
The two-hour timeframe of the surge aligns with typical whale-driven rallies, which can shift price quickly when large holders act in coordination or respond to macro news.
Ethereum Approaches Key Resistance Zone
Ethereum now approaches a critical resistance zone between $2,700 and $2,800. According to Glassnode data, more than 10 million ETH previously traded within this range, representing holders likely to sell as price returns to their entry points.
Analysts view this band as the next test of whale conviction. Sustained buying from large wallets would be needed to clear the zone and push higher. A pullback could follow if whale demand fades near this resistance level.
