$ETH

Ethereum’s Rally Will Be Driven by This Stable Behavior of Whales

Ethereum (ETH) has been struggling to break the resistance at $2,698 for over six weeks, with repeated failed attempts to secure a higher close above this level. This level has kept the altcoin in a consolidation phase, preventing it from making additional gains.

However, market participants are expecting October to be a turning point for Ethereum, which could pave the way for a significant rally towards $3,000.

Ethereum on Track for a Rally

Sentiment around Ethereum is remarkably bullish, especially among large investors. Over the past month, addresses holding between 100,000 and 1 million ETH have accumulated over 600,000 ETH, worth over $1.57 billion. This accumulation has pushed their total holdings to a three-month high, indicating strong confidence in the potential for a price increase.

These large investors, often referred to as whales, are often seen as market movers. Their increasing holdings suggest that they expect Ethereum to emerge from its current consolidation. If this pattern continues, their influence could be a significant factor in ETH’s ability to rally above its current resistance.