Ethereum Transfers Surge

A report recently shared by the IntoTheBlock account on X reveals that a staggering amount of Ethereum has been transferred over the past week, all withdrawals from crypto exchanges to cold wallets.

IntoTheBlock believes this indicates that whales continue to heavily accumulate the second largest cryptocurrency, investing in it for the long term.

> Over $500 million worth of ETH was withdrawn from exchanges this week, indicating that accumulation remains strong among $ETH traders.
> — IntoTheBlock (@intotheblock) March 7, 2025

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.

Ethereum Faces Massive Sell Wall

The aforementioned crypto trader and analyst published a tweet stating that Ethereum faces a major hurdle on its way upward. This resistance level is at the $2,460 mark, where almost 11 million investors hold 64.52 million ETH bought at this price.

This has formed a major resistance level; 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.

> The biggest hurdle for #Ethereum is at $2,460, where 10.95 million investors acquired 64.52 million $ETH. Breaking through this level will reignite #ETH bullish momentum!
> — Ali (@ali_charts) March 7, 2025

This week, Ethereum lost 8.71% between Thursday and Friday after surging almost 13% since Monday. Today, Ethereum has risen 4%, reaching the $2,200 price level.