- Whales have accumulated over 950,000 ETH, signaling strong confidence in its long-term potential.
- ETH’s key support at $3,044 held firm as analysts eyed $5,000 as the next major price target.
Ethereum [ETH] continued to draw significant interest from major investors, with whales accumulating over $1 billion in ETH in recent months.
This influx of capital has supported Ethereum’s price recovery, but the critical question remains: Can this accumulation drive ETH toward a $5,000 price target?
Ethereum whale accumulation drives bullish sentiment
According to a recent analysis of Santiment, there has been a clear trend of whale activity in the Ethereum market.
Over the past six months, addresses holding between 1,000 and 10,000 ETH accumulated a total of 620,000 ETH between late July and early August, coinciding with Ethereum’s price rally from $2,400 to $4,000.
Source: MAXPAIN on X
More recently, another accumulation phase saw whales scoop up an additional 330,000 ETH, bolstering its position as it traded around $3,193.
The chart highlighted a consistent pattern — whale accumulation often precedes significant price rallies. This buying behavior suggests growing confidence in ETH’s long-term potential.
Network growth and activity show mixed signals
Analysis of Ethereum’s network growth shows fluctuations in the number of new addresses interacting with the blockchain.
While growth peaked in December, reaching 181,000 new addresses, a sharp decline to 52,200 addresses by the 23rd of January indicated a slowdown in adoption.
This dip raises questions about ETH’s ability to sustain its momentum amid broader market uncertainties.
Source: Santiment
Despite the decline in new addresses, ETH’s overall network activity remains strong, supported by whale interest and strong on-chain fundamentals.
However, sustained network growth will be crucial if Ethereum aims to reach higher price targets.
Ethereum technical analysis: Key levels to watch
AMBCrypto examined Ethereum’s price movement and key technical levels as well.
Trading at $3,193 at pres time, ETH experienced a 1.48% drop in the latest session, testing the 0.786 Fibonacci retracement level at $3,044.99 as a critical support.
The 50-day moving average of $3,507.71 served as a major resistance level, while the 200-day moving average of $2,984.25 provides strong support.
A break above the $3,507 level could pave the way for a test of the $4,000-$4,200 zone, with $5,000 remaining a longer-term target.
Source: TradingView
The Elliot Wave theory indicator reflected mixed signals, sitting at -3.67 at press time, suggesting mild bearish momentum in the short term.
However, as whales continue to accumulate ETH, the broader trend remains bullish, provided Ethereum maintains its current support levels.
Can Ethereum reach $5,000?
Ethereum’s path to $5,000 will depend on several factors, including continued whale activity, network growth, and broader market conditions.
The significant whale accumulation of over 950,000 ETH in recent months is a strong vote of confidence in Ethereum’s future.
However, challenges like slowing network growth and resistance at key technical levels could delay Ethereum’s climb to $5,000.
Read Ethereum’s [ETH] Price Prediction 2025-26
Investors will also need to watch for macroeconomic factors and market sentiment, which could influence ETH’s trajectory.
As Ethereum consolidates around $3,193, its ability to break above resistance levels and sustain whale interest will determine whether it can target the coveted $5,000 mark in the coming months.
