Ethereum has risen by 5% in the last day and nearly 10% over the past week, breaking above the $2,400 support level.
Over 150,000 ETH has been transferred to leading exchanges like Binance and Coinbase in the last 24 hours, potentially indicating the intention to sell.
The transfer is the largest to exchanges in over nine months, raising concerns among investors.
If Ethereum closes above $2,800, it could set a base for a potential rise to $3,500, with increasing volatility and buying pressure observed.