After the data for August in the United States was released on CPI, Ethereum saw a rapid upward movement. According to foreign media, the price of ETH rose from around $2,433 to near $2,667, and the volume of transactions exceeding $1 million each also increased accordingly, indicating an increase in participation from large funds. Next, the market's focus shifts to whether this upward trend can be sustained.
Transactions over $1 million have increased.
The report mentioned that on August CPI, the year-on-year growth was 3.4%, and for the core CPI, it was 2.4%. After the data did not significantly exceed expectations, risk assets gained room to rebound, and ETH also rose accordingly.
At the same time, chain transactions exceeding $1 million in value increased by nearly 14%. This is generally seen as a sign of increased activity from whales or institutional funds. The article argues that if such large-scale transactions remain at high levels after the end of the data disruption, it will help support this round of gains; if they quickly fall back, it indicates that the rise is more likely to be driven by short covering rather than new buying orders.
$2,700 to $2,800 represents short-term resistance.
From the perspective of price structure, ETH has previously experienced a relatively long period of sideways consolidation, followed by a breakout above the upper range, and once approached $2667. Foreign media believes that the next area of resistance worth watching is between $2700 and $2800.
If the price effectively breaks through this range, market expectations for the continuation of this rebound will further increase, and $3,000 will once again come into focus. On the contrary, if it encounters resistance and falls back in this area, the short-term trend may weaken again.
$2,500 is the reference level for a pullback.
The article also mentions that the vicinity of $2,500 has become an important observation point during short-term pullbacks. If ETH can hold this level after a pullback, it indicates that the rebound structure formed recently has not yet been disrupted.
If it falls back to the previous consolidation range, it would indicate that the sustainability of this upward movement is insufficient. The report suggests that ETH has seen a relatively rapid increase after CPI. If it then enters a period of consolidation, as long as the buying pressure continues to hold the breakout area, it will actually help to consolidate the current trend.
