Ethereum Whale Transactions Spike – High Volume Supports Surge To $3,200

Source Newsbtc

Ethereum has reached a new local high at $3,219, marking an impressive 35% surge since last Monday. This rapid rise has ignited strong optimism among analysts and investors, who now see Ethereum as primed for further gains as it begins to show strength against Bitcoin. The rally reflects renewed confidence in ETH’s potential, especially as major stakeholders increase their activity.

Key data from Santiment supports this bullish outlook, highlighting a significant spike in whale transactions. Increased activity among large ETH holders often signals accumulation, suggesting that influential players see the potential for Ethereum’s continued growth. This uptick in whale transactions is typically seen as a precursor to further price appreciation, as it indicates sustained interest from high-volume investors.

As ETH continues to rise, analysts are closely watching its performance against Bitcoin, noting that Ethereum’s recent momentum could indicate the beginning of a more sustained uptrend. 

Ethereum Bull Phase Starting

Ethereum has officially entered a bullish phase after decisively breaking key resistance levels and establishing a positive price structure. Recent data from Santiment confirms this upward trend, as Ethereum is now showing strong growth metrics that suggest further gains may lie ahead. 

Whale transaction data points to a significant increase in activity from major stakeholders—wallets holding substantial amounts of ETH—who have actively contributed to Ethereum reaching its highest price in over 14 weeks.

Ethereum Whale Transactions Spike

In addition to heightened whale activity, Ethereum’s transaction volume has surged, reaching as much as $10.4 billion over the past several days. This volume spike is an encouraging sign of rising demand and sustained interest in ETH at its current levels. Large transactions often signal confidence from institutional players and high-net-worth investors, reinforcing the bullish sentiment around Ethereum as they increase their holdings.

Santiment analysts suggest that Bitcoin’s performance during this bull run could serve as a catalyst for Ethereum, with profits likely redistributing from BTC to ETH as market participants diversify into top altcoins. This dynamic has historically benefited Ethereum during strong market cycles, potentially setting the stage for ETH to revisit its previous all-time high.

Additionally, Ethereum’s network activity appears robust, another key indicator of sustained growth potential. With increased stakeholder participation, high transaction volume, and a healthy network, Ethereum seems well-positioned for continued upward momentum in the current bullish environment.

ETH Testing Fresh Supply

Ethereum (ETH) is currently trading at $3,170, showing strength after an aggressive move above the 200-day moving average (MA) at $2,955. This breakout above a long-term resistance level signals that bulls are now firmly in control as ETH reaches new supply zones. Holding above the 200-day MA is a positive indicator for sustaining the bullish trend, as this level often supports price action when breached on an upward move.

ETH testing fresh supply

If ETH experiences a pullback, a drop back to the 200-day MA around $2,955 would represent a healthy retracement, potentially setting the stage for further gains. A consolidation at or near this level would likely attract more demand, supporting a continuation of the uptrend.

However, the current strong price action combined with fresh demand entering the market could propel Ethereum even higher without a significant pullback. The momentum ETH is building now may help it break through successive supply levels in the near term, pushing toward higher targets. For now, Ethereum’s upward trajectory is supported by solid technical levels and a market environment increasingly favorable for continued gains.

Featured image from Dall-E, chart from TradingView

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
USD/CHF remains depressed below 0.8000 amid a moderate market optimism The US Dollar is unable to put any significant distance from last week’s long-term low at  0.7960 area, as the pair remained capped below 0.8000 on Monday
Author  FXStreet
9 hours ago
The US Dollar is unable to put any significant distance from last week’s long-term low at  0.7960 area, as the pair remained capped below 0.8000 on Monday
placeholder
OPEC+ Announces Further Production Increase, Crude Oil Prices Likely to DropWTI prices are still about $12 below the previous Monday's high, as prices lack upward momentum due to easing Middle East peace tensions and OPEC+ members expecting another increase in production in August.
Author  Insights
9 hours ago
WTI prices are still about $12 below the previous Monday's high, as prices lack upward momentum due to easing Middle East peace tensions and OPEC+ members expecting another increase in production in August.
placeholder
Gold Price Forecast: XAU/USD failure to breach $3,300 brings $3,250 back into focusGold (XAU/USD) is bouncing higher on Monday, but the broader trend remains bearish, following a nearly 3% decline last week.
Author  FXStreet
10 hours ago
Gold (XAU/USD) is bouncing higher on Monday, but the broader trend remains bearish, following a nearly 3% decline last week.
placeholder
US Dollar Index (DXY) remains depressed below 97.00 on trade talks, US debt woesThe US Dollar has bounced up from three-year lows on Monday, but remains depressed below the 97.00 level.
Author  FXStreet
10 hours ago
The US Dollar has bounced up from three-year lows on Monday, but remains depressed below the 97.00 level.
placeholder
UK-US trade agreement is now in forceUK car export tariffs to the US cut from 27.5% to 10%, saving manufacturers hundreds of millions annually.
Author  Cryptopolitan
11 hours ago
UK car export tariffs to the US cut from 27.5% to 10%, saving manufacturers hundreds of millions annually.
goTop
quote