Jul 8, 10:12 PM

Ethereum Tops $2,600 as On-Chain Data Underscores $2,500 Support

Ether climbed to roughly $2,600 on Tuesday after securing a weekly close above $2,500, extending the rebound that began late last month. Blockchain analytics firm Glassnode said about 3.45 million ETH—worth more than $8.8 billion at current prices—was acquired between $2,513 and $2,536. The concentration of purchases in that band makes the $2,500 level the largest support zone seen in several months, according to the firm’s cost-basis distribution heatmap cited by Cointelegraph. Separate data highlighted by CoinPost show so-called mega-whales now control more than 41 million ETH, a holdings increase of roughly 9 % since October’s multi-year low. Corporate buyers are also adding to positions: Nasdaq-listed SharpLink Gaming disclosed a stake of about 206,000 ETH after additional purchases last week. The renewed accumulation by large holders underpins optimism that the second-largest cryptocurrency could maintain its upward momentum if the $2,500 floor holds.