Ethereum surged 8% on Friday from below $2,440 to $2,667 in less than two hours, briefly clearing the $2,500 resistance level and reaching its highest price since late January. Data shared by analyst Ali Martinez showed that Ethereum transactions worth more than $1 million rose almost 14% during the rally, pointing to increased activity among large holders. The move followed the withdrawal of more than 116,000 ETH, worth about $300 million at the time, from exchanges over 48 hours, reducing immediately available supply. Martinez had identified $2,475 as a resistance zone that became support after about 2.86 million ETH changed hands there, while his bullish scenario targeted roughly $2,700 if ETH broke $2,530. Sellers soon prevented ETH from holding above $2,700, and the asset returned to just over $2,500. More than 10 million ETH was previously acquired between $2,720 and $2,820, creating a significant resistance area as holders approach their cost basis. Broader risk-on assets, including Bitcoin and altcoins, face additional volatility ahead of an expected Federal Reserve interest-rate hike on September 16 and a U.S. Senate vote on the CLARITY Act scheduled for September 15.