Ethereum rose 10% in two hours, climbing from $2,433 to $2,667 after August CPI data showed annual inflation of 3.4%. The move coincided with a nearly 14% increase in transactions worth more than $1 million, according to analyst Ali Charts.

ETH now faces a significant supply area between $2,700 and $2,800. More than 10 million ETH previously changed hands across that range, which Ali Charts identified as the cryptocurrency’s main resistance zone. Holding the $2,500 level would keep the $2,700-$2,800 area in focus, while clearing the zone could open a path toward $3,000, according to the analyst.

Whale Activity Increases During Ethereum’s Rally

Ali Charts reported greater participation from large Ethereum holders during the latest price move. Transactions exceeding $1 million increased by nearly 14% as ETH advanced following the August CPI release. The transaction figure measures the scale of large-holder activity, but does not by itself indicate whether those transactions represented buying or selling.

The rise in large transactions came as Ethereum moved sharply higher, but the rally is approaching a broad supply area above the current price. More than 10 million ETH previously traded between $2,700 and $2,800, creating a substantial barrier for the advance.

ETH spot flows have also fluctuated sharply since Aug. 30. The price fell below $2,400 around Sept. 2 before recovering toward $2,500.

ETH Spot Flows Remain Volatile

A strong cluster of inflows appeared around Sept. 3, with individual inflows reaching roughly $60 million to $70 million. Flows remained mixed through Sept. 9. Around Sept. 10, several outflow bars appeared, including the period’s deepest outflow of roughly $300 million.

ETH then surged on Sept. 11, moving from approximately $2,400-$2,450 to above $2,600. A positive inflow of about $130 million also emerged during that move. After reaching roughly $2,630, ETH pulled back toward the $2,500-$2,510 range.

Recent flows have remained relatively small and mixed. The latest price move therefore combines increased activity among large holders with volatile spot flows.

$2,700-$2,800 Remains Key Resistance Area

ETH currently has support around $2,500, followed by the $2,450-$2,400 area. Initial resistance begins around $2,550-$2,600, while the recent high is near $2,630.

Ali Charts highlighted $2,700-$2,800 as the larger resistance zone because more than 10 million ETH previously changed hands there. According to the analyst, clearing that supply area would open a path toward $3,000. A loss of the $2,500 level would expose lower support levels.

The $2,700-$2,800 range remains Ethereum’s principal resistance area as the market responds to higher whale activity and uneven spot flows.

Source: https://cryptofrontnews.com/ethereum-surges-10-as-whale-activity-rises-and-2800-resistance-looms/