Ethereum is facing a significant supply zone between $2,722 and $2,822 while large holders increase their activity across the network, according to crypto analyst Ali Charts.
In a September 27 market update, Ali Charts reported that Ethereum transactions worth more than $1 million had risen sharply over the previous week. The number of such transactions increased from 1,202 to 7,113, representing an increase of nearly 500%, according to data attributed to Santiment.
The rise in large transactions has occurred alongside reported accumulation by major Ethereum holders. Ali Charts said large holders added more than 320,000 ETH over the past week, with the holdings valued at approximately $864 million at the prices cited in the analysis.
Ethereum Whale Activity Surges
The increase in transactions exceeding $1 million provides a clear indication that activity among large Ethereum holders has intensified. However, large transaction counts alone do not establish whether investors are buying or selling, making the reported accumulation data an important part of the broader picture.
According to Ali Charts, large holders have added more than 320,000 ETH during the same period. If those holdings remain with long-term investors, the accumulation could reduce the amount of ETH immediately available on the market.
The reported $864 million valuation reflects the value of the accumulated ETH at the time of Ali Charts’ analysis. Cryptocurrency valuations can change rapidly, so the dollar value of the holdings can move significantly even if the number of ETH remains unchanged.
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The increase in whale activity comes as Ethereum approaches a major historical supply concentration. Data cited from Glassnode shows that more than 13.3 million ETH were previously traded between approximately $2,722 and $2,822.
Such concentrations can become resistance because holders who acquired ETH within the range may decide to sell when the market returns to their entry prices. That can create additional supply precisely when buyers are attempting to push the price higher.
$2,822 Becomes Ethereum’s Key Breakout Level
Ali Charts described the $2,722-$2,822 area as the major supply wall currently standing between Ethereum and higher levels. The analyst also noted that several unsuccessful attempts to break through the zone would not necessarily be unusual given the amount of ETH previously traded there.
The next levels highlighted by the analysis are around $2,970 and $3,366. Compared with the 13.3 million ETH concentration between $2,722 and $2,822, Ali Charts said these higher levels contain comparatively smaller supply concentrations.
A sustained move above $2,822 would therefore shift market attention toward the $2,970 area. Whether Ethereum can reach and clear that level would depend on continued demand, trading volume and the amount of ETH entering or leaving the market.
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The $3,366 level represents another significant area identified by the analysis. These levels should be treated as historical supply zones rather than guaranteed price targets, since cost-basis distributions do not determine how individual holders will behave in future market conditions.
The reported accumulation of more than 320,000 ETH nevertheless provides a notable contrast with the large supply concentration around $2,722-$2,822. If major holders continue adding ETH while the market tests that zone, the balance between new demand and existing supply could become increasingly important.
For Ethereum traders, the combination of elevated whale transactions and the historical supply wall creates a clear area to monitor. A decline in large-holder activity or a shift from accumulation to distribution could change the setup, while continued accumulation would indicate that large holders remain active around current prices.
Ethereum’s next major move will ultimately depend on whether demand is sufficient to absorb the supply concentrated around $2,722-$2,822. For now, Ali Charts’ analysis identifies $2,822 as the key level to watch, with $2,970 and $3,366 representing subsequent areas of interest if the resistance zone is cleared.
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