Ethereum whale activity has intensified over the past week, with large holders accumulating more than 320,000 ETH valued at approximately $864 million, according to analyst Ali Charts (via X). The accumulation comes as Ethereum trades just below a major resistance zone between $2,722 and $2,822, where more than 13.3 million ETH previously changed hands. The result is a setup in which fresh large-holder buying sits directly beneath a zone of dense prior trading — a combination that frames the asset's near-term battleground.

Whale Transactions Jump Nearly 500%

Data shared by Ali Charts shows that Ethereum transactions exceeding $1 million climbed from 1,202 to 7,113 over the past week, an increase of nearly 500%. Transfers at that threshold sit well beyond retail-sized activity, which is why whale transaction counts are widely used as a gauge of how the market's largest participants are moving. The surge in high-value transfers coincided with the accumulation among large holders, who added more than 320,000 ETH at current market prices.

The buying took place while Ethereum remains positioned below the supply wall identified by the analyst, which spans $2,722 to $2,822 and marks an area of substantial prior trading activity.

$2,822 Resistance Remains a Major Barrier

Ali Charts characterized the $2,722–$2,822 range as Ethereum's principal obstacle to further gains, noting that several failed breakout attempts could occur before ETH decisively clears the zone. Supply walls of this kind form where heavy volumes previously changed hands, leaving a concentration of positions clustered around those prices — one reason such zones can absorb repeated upside attempts before yielding. Above that range, the analyst highlighted resistance near $2,970 and $3,366, describing these levels as comparatively smaller hurdles while underscoring the importance of breaking through the existing supply wall.

On the four-hour chart, Ethereum is showing a pullback after its recent recovery. The asset rose from around $2,380–$2,400 on September 16 to approximately $2,750–$2,780 on September 21–22.

ETH Pullback Tests $2,600 Support

Ethereum recently traded at $2,648.28 after failing to hold above $2,700. The price had previously broken through $2,500 and $2,600 during an advance supported by volume. The $2,600 level now stands as immediate support, while a deeper decline could expose the $2,500–$2,550 range. A move back above $2,700 would bring the $2,750–$2,800 area into focus. With that map in place, the threads to follow are whether subsequent approaches to the $2,722–$2,822 wall meet the same rejection pattern the analyst flagged, and how the week's large-scale accumulation interacts with the overhang sitting overhead.

Momentum indicators point to some weakness. The relative strength index (RSI) sits at 40.25, below its moving average of 49.21 but above the oversold threshold of 30. The MACD line reads -5.82 versus a signal line of -6.43, with the histogram at +0.60.