Ethereum Rally Accelerates as Whale Activity Climbs
Ethereum delivered a sharp move higher after the latest U.S. inflation data, with ETH rising from $2,433 to $2,667 in roughly two hours. The move represented a gain of about 10% and put Ethereum back near levels that could determine whether the current recovery develops into a larger breakout.
Ali Charts attributed much of the move to increased activity from large Ethereum holders. According to data cited from Santiment Intelligence, the number of ETH transactions worth more than $1 million increased nearly 14% during the period. That rise suggests that large-value participants became more active as ETH accelerated higher.
The timing also coincided with the release of August U.S. Consumer Price Index data. Annual headline inflation came in at 3.4%, while monthly CPI increased 0.4%. Core CPI, which excludes food and energy, rose 0.3% during the month and 2.4% year over year.
The market reaction indicates that traders viewed the inflation figures as supportive for risk assets. Ethereum’s move was also accompanied by activity in derivatives markets, meaning the rally cannot necessarily be attributed to spot whale buying alone. Short covering and positioning changes can amplify rapid moves in either direction.
Still, the increase in transactions above $1 million gives the rally an important on-chain component. Large transactions do not automatically mean whales are buying, since transfers can also involve exchanges, custody movements and other forms of repositioning. The data is therefore better viewed as evidence of increased large-holder activity rather than definitive proof of accumulation.
Ali Charts had also previously identified $2,740 as an important upside target for Ethereum. With ETH reaching $2,667 during the latest move, the market has moved significantly closer to that level. The next challenge, however, sits above the analyst’s target.
$2,700-$2,800 Supply Zone Becomes Ethereum’s Next Test
According to Glassnode data cited by Ali Charts, more than 10 million ETH previously changed hands between approximately $2,700 and $2,800. Such a concentration of historical trading activity can create a significant supply zone because holders who bought in that range may look to sell when the market returns to their entry prices.
That makes the $2,700-$2,800 area particularly important for ETH. A move into the zone would not automatically mean Ethereum breaks higher, as existing holders could increase selling pressure. The reaction around this range should provide a clearer indication of whether the latest rally has enough strength to continue.
Ethereum has already shown that it can move rapidly when macroeconomic data and market positioning align. The latest surge from $2,433 to $2,667 demonstrates how quickly ETH can approach major technical levels once buyers gain control.
A sustained break above $2,800 would change the short-term technical picture. It could remove a major area of historical supply and leave $3,000 as the next psychological level watched by traders. Ali Charts has presented $3,000 as the potential next destination if the resistance zone is cleared, but that remains a market scenario rather than a confirmed target.
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The opposite outcome would also be important. If ETH reaches the $2,700-$2,800 region and encounters heavy selling, the recent rally could lose momentum and trigger a consolidation or pullback. Traders will likely watch whether Ethereum can hold gains after the initial CPI-driven surge rather than focusing only on the size of the first move.
For Ethereum investors, whale activity is therefore only one part of the current setup. The nearly 14% increase in transactions above $1 million shows that large-value activity has increased, while the CPI release provided a fresh macro catalyst. The next major test is whether that momentum can carry ETH through the large historical supply zone around $2,700-$2,800.
If buyers successfully clear that area and establish support above it, the path toward $3,000 becomes more credible. Until then, Ethereum remains at a critical technical point where whale participation, macroeconomic expectations and resistance from previous trading activity will all matter. The next move above or below this zone could determine whether the latest ETH rally develops into a broader breakout or fades into another consolidation phase.
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