ETH Hits 8-Month High as Whales Drive Breakout
Ethereum (ETH)
Editor:
Eugene Serbin
Cryptopotato.com reports that Ethereum surged past the $2,500 resistance level to reach an 8-month high of $2,660 on Friday. This 8% move occurred within an hour, driven largely by Ethereum whales who increased transactions over $1 million by nearly 14%. The price climbed from under $2,440 to $2,667 before being halted, following on-chain signals identified by analyst Ali Martinez.
Martinez noted that $2,475 had turned from resistance into support, where 2.86 million ETH previously changed hands. Prior to the rally, over 116,000 ETH worth $300 million were withdrawn from exchanges in 48 hours, reducing available supply. Although the bullish thesis predicted a surge toward $2,700, bears quickly stepped in to prevent the asset from holding those gains.
The price has since retreated to just over $2,500, facing a new challenge from a substantial resistance zone. On-chain data shows more than 10 million ETH were acquired between $2,720 and $2,820, creating a barrier where investors may sell to break even. Risk-on assets face a test next week as the Federal Reserve is expected to hike interest rates on September 16. Additionally, the US Senate is scheduled to vote on the CLARITY Act on September 15, likely adding more volatility.
How the market reacted
Whalio's own Binance spot order flow for ETH, measured when this story was written up on 12 September 2026. Not the outlet's figures.
ETH is currently trading at $2,516.43, with the 1-hour buy ratio at 36.0% and the 4-hour ratio at 47.9%, both trailing the 24-hour ratio of 50.4%. This indicates that short-term buying pressure is fading relative to the broader daily trend. The 1-hour volume delta is negative at -$2,999,707, while the 4-hour delta is -$2,988,338, showing recent selling pressure. However, the 24-hour volume delta remains positive at +$13,073,817, and the cumulative volume delta for the day closed at +$34,887,780. This means that while immediate selling has increased, net buying has still dominated the full day's activity. Spot volume reached $1,625,504,457 with over 4.4 million trades recorded in the last 24 hours.
The latest daily buy ratio of 46.8% sits at the 16th percentile of the last 322 days, against a median of 49.5% - weaker buying than most days.
Was that an ordinary day?
The same Binance spot measurements for ETH, averaged over the days leading up to the story.
Compared to the preceding week, the current 24-hour buy ratio of 50.4% is slightly higher than the 7-day average of 48.7%, a difference of 1.7 points. Volume for the day was 2.40 times the weekly average, indicating an unusually active trading day. Despite this volume spike, only one day of net buying was recorded in the last week, contrasting with the positive 24-hour delta. The price change over the past eight days is +2.5%, while the total volume delta for that period is -$123,442,894. This suggests that while today is an outlier in terms of volume and short-term ratio, the broader weekly trend has been characterized by net selling.