A report recently shared by the IntoTheBlock account on X reveals that a staggering amount of Ethereum has been transferred over the past week. They were all withdrawals from crypto exchanges to cold wallets.
IntoTheBlock believes this is indicative that whales continue to accumulate the second largest cryptocurrency heavily, investing in it long term.
In particular, according to a Santiment chart shared by crypto trader Ali Martinez, over the past three days, whales have accumulated 1.10 million ETH. “Do they know something we don’t?” he wondered.
Gamza KhanzadaevEthereum faces massive sell wall
The aforementioned crypto trader and analyst published a tweet, stating that Ethereum is facing a major hurdle on its way upward. This resistance level is located at the $2,460 level, where almost 11 million investors are holding 64.52 million ETH bought at this price.
The have formed a major resistance level since, once ETH surpasses this level, many are likely to start selling. Therefore, breaking through this resistance, the analyst says, will accelerate Ethereum’s bullish momentum.
This week, Ethereum lost 8.71% between Thursday and Friday after surging almost 13% since Monday. Today, Ethereum has exhibited a rise of 4%, reaching the $2,200 price level.
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