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Ethereum Whales Just Woke Up as ETH Exploded to 8-Month High: What’s Next?
What happened within the ETH ecosystem on Friday when the asset rocketed to an 8-month high?
ByJordan Lyanchev
After spending a few weeks fighting the key $2,500 resistance, the largest altcoin exploded on Friday and surged well past it, reaching its highest level since late January of $2,660 before it was halted.
The 8% move was quite unexpected, as it occurred within an hour or so, prompting many questions in the community about who or what was behind it and what’s next.
Whales Behind The Surge?
According to data shared by popular analyst Ali Martinez, Ethereum whales played a substantial role in finally breaking the barrier, even for a short time. Ethereum transactions worth more than $1 million increased by almost 14% during the rally, suggesting a significant uptick in activity from these large market participants.
Within less than two hours, the underlying asset posted one of its most impressive wicks this year, climbing from under $2,440 to $2,667 before it was stopped. The move north followed several encouraging on-chain signals identified by the analyst earlier this week.
CryptoPotatoreported before that more than 116,000 ETH, worth around $300 million at the time, was withdrawn from exchanges within a 48-hour period. Such developments reduce the amount of the asset immediately available for trading.
In addition, Martinez identified $2,475 as an important resistance zone that has now turned into support, where approximately 2.86 million ETH had previously changed hands.
As we said at the time, his bullish thesis envisioned a surge toward approximately $2,700 if ETH is able to break through $2,530.
Source: cryptopotato.com