Ethereum holds $2,700 as whales add ETH

That matters because a sustained push through $2,700 would likely confirm the breakout and leave $2,760 as the next nearby target. If the token loses $2,600, momentum could unwind quickly and leave recent buyers exposed to a deeper pullback.

The move has been reinforced by larger holders stepping in. One wallet bought 7,567 ETH worth about $19.9 million after previously selling 10,500 ETH at an average of roughly $2,252, a trade that locked in a $3.66 million profit and signals renewed conviction on the upside.

That accumulation is important because the coins were moved off Binance, shrinking immediately available supply rather than adding leverage to the trade. For investors, that is stronger confirmation than a purely derivatives-driven rally, since it points to actual spot demand.

Derivatives positioning is still supportive, but not stretched. Hyperliquid shows about $3 billion in ETH open interest, while funding remains only slightly positive, suggesting traders are leaning long without yet showing the kind of excess that often precedes a sharp flush.

Short sellers have already paid the price. Liquidations reached $170 million as Ethereum pushed through resistance, adding forced buying to the advance and helping carry the token to $2,712.

Technical indicators also show strength, but not euphoria. The relative strength index was near 68.66 in one read and around 65.3 in the latest price data, close to overbought territory but still below the 70 level that often marks overheated conditions.

The broader market backdrop is still mixed. Ethereum’s latest advance comes against a backdrop of heavy crypto speculation, but the fact that spot buying and liquidations are both contributing gives bulls a better setup than a move driven by one factor alone.

For now, the trade is simple: hold $2,700 and the market can keep pressing toward $2,760; lose $2,600 and the breakout starts to look vulnerable.