Efirium is actively recovering from last week’s fall to $3850. October 2 Altcoyin ETH has surged more than 6% to $4383. According to market data, daily trading volume for ETH has risen 45% and currently stands at $52,48 billion. However, large holders are beginning to take profits as the digital asset approaches a key resistance level.
According to crypto analyst Ali Martinez, $4505 remains a key level that could determine Ethereum’s short-term direction. He shared a price distribution chart from Glassnode, which shows a high concentration of addresses selling ETH in this range.
Lookonchain data confirms that some «whales» are reducing their holdings in anticipation of this resistance. For example, on October 1, Trend Research transferred 24,051 ETH worth $104,3 million to the exchange. Binance.
Around the same time, another large wallet withdrew 20,830 ETH worth $98,3 million through Wintermute. And on October 2, a whale sent 4000 ETH worth $17,3 million to Kraken.
Growing caution among large investors points to a potential short-term pullback before the next leg of the rally. To confirm the bullish momentum, эфириум should close above $4500.
However, analysts remain optimistic and call ETH one of the best cryptocurrencies to buy right now. Market strategist Cas Abbe noted that from the end of 2024 kriptovalyuta is forming a Wyckoff accumulation pattern. According to him, it is now in its final stage, which typically leads to parabolic growth.