Ethereum surged to $2,660 (8-month high) on whale accumulation and exchange outflows, with $2,475 as new support and resistance ahead at $2,720–$2,820.
Macro & Markets ·
Ethereum broke past its $2,500 resistance level on Friday, reaching $2,660—an 8-month high—in what analysts attributed to heightened whale activity. Large transactions exceeding $1 million increased by nearly 14% during the rally, according to data reviewed by market observers. Exchange outflows accelerated the move: more than 116,000 ETH were withdrawn from trading venues within a 48-hour span, reducing immediately available supply. The asset climbed from below $2,440 to $2,667 in under two hours before encountering selling pressure, with $2,475 now functioning as a support level.
The rally faced quick resistance as buyers regained control, pushing ETH back near $2,500. On-chain metrics identify a substantial barrier ahead: approximately 10 million ETH were previously purchased between $2,720 and $2,820, a zone where earlier buyers may seek to exit positions at cost basis. Holders have been waiting extended periods for prices to return to those levels.
Macroeconomic headwinds remain unresolved. The Federal Reserve is expected to raise interest rates on September 16, and a Senate vote on the CLARITY Act scheduled for September 15 could introduce additional volatility. Whether current momentum can sustain through these events remains uncertain.