Ethereum broke through its $2,500 resistance on Friday, surging 8% in about an hour to an eight-month high. Analyst Ali Martinez ties the move to a jump in whale activity and points to $2,475 as a level that has flipped from resistance to support.
Ethereum exploded past its $2,500 resistance on Friday, reaching $2,660, its highest level since late January, before the move was halted. The 8% jump unfolded in roughly an hour, catching traders off guard and sparking questions about who drove it.
According to data shared by analyst Ali Martinez, Ethereum whales played a substantial role in the breakout. Transactions worth more than $1 million rose almost 14% during the rally. In less than two hours, the asset climbed from under $2,440 to $2,667 before stopping — one of its most impressive wicks this year.
The move followed several encouraging on-chain signals Martinez had flagged earlier in the week. CryptoPotato had previously reported that more than 116,000 ETH, worth around $300 million, left exchanges within a 48-hour period, a withdrawal pace that reduces the supply immediately available for trading.
Martinez also identified $2,475 as a key resistance zone that has now turned into support, a level where approximately 2.86 million ETH had previously changed hands. His bullish thesis envisions a move toward roughly $2,700 if ETH breaks through $2,530.
Source: CryptoPotato
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