Ethereum Surges 10% as Whale Activity Rises and $2,800 Resistance Looms

• ETH surged from $2,433 to $2,667 after August CPI data, with whale transactions above $1M rising nearly 14%.
• More than 10M ETH previously traded between $2,700 and $2,800, creating a major supply wall for the rally.
• Holding $2,500 keeps $2,700-$2,800 in focus, while clearing the zone could open a path toward $3,000.

Ethereum jumped 10% in two hours, rising from $2,433 to $2,667 after August CPI data showed inflation at 3.4% annually. Analyst Ali Charts linked the move to stronger whale activity, with transactions above $1 million rising nearly 14%. ETH now faces resistance between $2,700 and $2,800.

Whale Activity Rises During Ethereum Rally

Ali Charts reported higher participation from large Ethereum holders during the latest move. Transactions worth more than $1 million increased by nearly 14%, according to the analyst. The rise came as ETH climbed sharply following the August CPI release. 

However, the rally now faces a large supply area above the current market. More than 10 million ETH previously traded between $2,700 and $2,800. Ali Charts identified this range as the main resistance zone for Ethereum.

Meanwhile, ETH spot flows have shown sharp swings since Aug. 30. The price fell below $2,400 around Sept. 2 before recovering toward $2,500.

ETH Spot Flows Swing Sharply

A strong inflow cluster appeared around Sept. 3, with individual inflows reaching roughly $60 million to $70 million. Flows then remained mixed through Sept. 9. The largest move came around Sept. 10, when several outflow bars appeared. 

Source: Coinglass

The deepest outflow reached roughly $300 million during that period. ETH then surged on Sept. 11, moving from around $2,400-$2,450 above $2,600. A positive inflow of about $130 million also appeared during the move.

After reaching roughly $2,630, ETH pulled back toward $2,500-$2,510. Recent flows have since remained relatively small and mixed.

Ethereum Faces $2,700-$2,800 Supply Wall

ETH currently has support around $2,500, followed by the $2,450-$2,400 area. Resistance begins around $2,550-$2,600, with the recent high near $2,630. However, Ali Charts highlighted $2,700-$2,800 as the larger barrier. 

More than 10 million ETH previously changed hands across that range. According to the analyst, clearing that supply zone would open the path toward $3,000. Meanwhile, losing $2,500 would expose lower support levels.

The latest ETH move therefore combines higher whale activity with volatile spot flows. The $2,700-$2,800 range remains the resistance area.