Ethereum's large investors have sharply increased accumulation even as the asset struggles below a key resistance zone. According to analyst Ali Martinez, whales bought more than 320,000 ETH over the past week, worth approximately $864 million at current prices. High-value on-chain activity also surged, with Ethereum transactions exceeding $1 million climbing from 1,202 to 7,113, a jump of nearly 500%.
Despite this whale activity, ETH remains constrained. Martinez identified a major supply wall between $2,722 and $2,822, where more than 13.3 million ETH previously changed hands. Ethereum needs to break above and hold the $2,750 region to confirm buyer control, according to the analyst. Ethereum traded near $2,648 after rejecting $2,700; immediate support sits at $2,600, with deeper support at $2,500–$2,550.
Beyond the main resistance, smaller hurdles appear near $2,970 and $3,366, while a successful breakout could put the $3,400 level in focus. Momentum indicators reflect current weakness: RSI is at 40.25, below its moving average of 49.21; MACD line is at -5.82 compared with a signal line of -6.43, with a positive histogram reading of +0.60.
