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Ethereum Price Reclaims $4000, ETH Whales & On-Chain Data Signal New ATH Soon
Ethereum price has once again made a strong move surging past $4,000 in the last 24 hours and extending its weekly gains to over 9%. The breakout above this crucial resistance comes amid strong ETH whale accumulation supported by optimistic on-chain metrics. Market analysts are confident of Ethereum reaching a new all-time high soon.
Ethereum Price Surge Amid Strong Whale Accumulation
As per the blockchain analytics platform Santiment, the total number of Ethereum whale wallets, holding at least 100K ETH, has reached 104. Their combined holdings now account for 57.35% of the total ETH supply, worth a staggering $333.1 billion. Furthermore, 92% of ETH holders are currently profitable.
On the other hand, wallets holding between 100 and 100K ETH have dropped to their lowest share of the supply in history at 33.46%. Similarly, smaller wallets with less than 100 ETH hold 9.19%, a near 4-year low. Santiment noted that the concentration of ETH among major stakeholders is a long-term bullish signal that can drive Ethereum price to all-time highs of around $5,000.
Crypto analyst Venturefounder noted that the recent Ether closure above the $3,800 support on the weekly chart confirms the uptrend. Ethereum’s “cup and handle” pattern is now playing out, signaling bullish momentum. The next key price targets include a retest of the all-time high (ATH) at $4,900, followed by milestones at $5,349, $6,457, and $7,238. Venturefounder predicts that this upward trajectory could materialize by the end of Q1 2025 at the latest.
The analyst also noted that despite widespread skepticism, Ethereum may “blast off and never look back,” catching investors off guard. Venturefounder maintains a bullish long-term Ethereum price target of $15,937, projecting this milestone achievement by May 2025.
As Glassnode reported, Ethereum has outperformed Bitcoin and other altcoins like Solana on a 30-day chart. While the BTC price is up by 17.49%, ETH has gained 26.99% in the same period. Also, it notes that there’s a clear shift in top altcoins from Solana to Ethereum. The SOL price gains during the last 30 days stand at just 1.69%.
ETH-BTC Showing Strength
With the recent Ethereum price outperformance in comparison to Bitcoin, the ETH/BTC is once again showing strength. Analyst Venturefounder notes:
“Nothing has changed for ETH/BTC. 2016-2017 bottom reversal pattern is repeating. Bottom is already made. Could be anytime now for the liftoff”.
Furthermore, VanEck’s head of digital assets Matthew Sigel noted that similar to 2020, the ETH/BTC pair is all set to go parabolic.
As of press time, the ETH price traded at $4,005, up 1.34%, with a market cap of $482 billion. The 24-hour liquidation has soared to $80 million of which $54 million is in short liquidations.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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