Crypto analyst Ali Martinez stated that the activity of large investors played a significant role in Ethereum's recent spike. Today, Ethereum ($ETH) rose by approximately 10 percent in just two hours, climbing from $2,433 to $2,667. According to Martinez, the acceleration followed the publication of US inflation data for August, which stood at 3.4 percent year-on-year.
Blockchain data also points to increased activity by large investors in the market. Martinez stated that the number of $ETH transactions exceeding $1 million increased by about 14 percent, indicating more active participation by large investors in the Ethereum market.
However, available data suggests that Ethereum is approaching a significant resistance zone in the short term. The fact that deals involving more than 10 million $ETH were previously conducted in the range of $2,700 to $2,800 suggests that significant selling pressure may emerge at these levels.
According to Martinez, for Ethereum to start a new upward trend towards the $3,000 mark, it needs to overcome the supply barrier in the $2,700 to $2,800 range with the support of major cryptocurrency holders. The analyst added that the increased activity of large holders is a positive factor, but the key area to watch in the near term is the $2,700-$2,800 range.
*This is not investment advice.
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