Ethereum Whales Just Woke Up as ETH Exploded to 8-Month High: What’s Next?

After spending a few weeks fighting the key $2,500 resistance, the largest altcoin exploded on Friday and surged well past it, reaching its highest level since late January of $2,660 before it was halted.

The 8% move was quite unexpected, as it occurred within an hour or so, prompting many questions in the community about who or what was behind it and what’s next. Whales Behind The Surge?

According to data shared by popular analyst Ali Martinez, Ethereum whales played a substantial role in finally breaking the barrier, even for a short time.

Ethereum transactions worth more than $1 million increased by almost 14% during the rally, suggesting a significant uptick in activity from these large market participants.