Ethereum Whales Transactions Surge to Six-Week High as the Protocol Unveils "The Splurge" Upgrade

Recent developments in the Ethereum market indicate a notable increase in whale transactions as its price fell to $2,380 on October 25, 2024

Recent developments in the Ethereum market on October 25, 2024, reveal a significant increase in whale transactions as the price fell to $2,380. This surge in whale activity marks a six-week high, indicating growing interest from large investors and hinting at the potential for price rebounds. Notably, October 24 also saw the creation of 6,428 new Ethereum wallets, the highest daily count since early September, signaling renewed investor enthusiasm.

In other news, Vitalik Buterin is introducing "The Splurge," a new phase in the Ethereum protocol's development. This phase will prioritize incremental yet crucial enhancements, including optimizations to the Ethereum Virtual Machine (EVM) to reduce gas costs and boost the execution speed of complex smart contracts.

From a technical analysis perspective, for Ethereum to maintain bullish momentum, it needs to stay above $2,770, with immediate resistance at that level. If surpassed, prices could target $2,820, $3,000, or even $3,200, although a strong bullish trend will only form above $3,400. On the downside, immediate support is around $2,500; falling below could indicate continued bearish momentum, potentially leading to price drops to $2,100, $2,000, $1,800, or $1,500. A drop below $1,500 might drive Ethereum down to $1,000.

Traders may consider buying on dips near 2600, with a stop-loss set around 2,4550 and a target price of $2,820.