Ethereum has made a significant move, surging past the $4,000 mark once again, and market analysts are buzzing with optimism. This latest breakout comes amid a period of strong whale accumulation, with a concentration of Ether (ETH) among large holders. On-chain data also suggests that Ethereum could be on the cusp of achieving a new all-time high (ATH) soon, possibly even surpassing $5,000 by the end of Q1 2025.
In the past 24 hours, Ethereum has reclaimed the $4,000 level, continuing its bullish trend. This surge has extended Ethereum’s weekly gains to over 9%, signaling strong market confidence. The $4,000 resistance level has been a significant barrier for Ethereum in recent months, but with this latest move, the cryptocurrency appears poised to reach new heights.
The recent price surge is also supported by a series of positive developments in the market. Whale activity, as well as optimistic on-chain metrics, have added fuel to the fire. According to blockchain analytics platform Santiment, the number of Ethereum wallets holding at least 100,000 ETH has reached 104. These wallets now control 57.35% of the total ETH supply, which is worth a staggering $333.1 billion at current prices. This concentration of Ether among major holders is seen as a bullish signal, as it suggests that large investors are accumulating ETH, which could lead to upward price pressure in the future.
Santiment’s data reveals a significant shift in the distribution of ETH holdings. While the number of wallets holding 100,000 ETH or more has grown, the share of wallets holding between 100 and 100,000 ETH has dropped to its lowest level in history, accounting for just 33.46% of the total supply. Smaller wallets, holding less than 100 ETH, now control only 9.19% of the supply, a near four-year low. This increasing concentration of Ether among large stakeholders could signal that ETH is becoming more valuable in the eyes of institutional and high-net-worth investors, potentially setting the stage for a price rally.
Furthermore, 92% of Ethereum holders are currently in profit, indicating that many investors are seeing positive returns from their ETH holdings. This profitability is contributing to the overall bullish sentiment surrounding Ethereum and could encourage further buying pressure.
Technical analysis is also supporting the bullish outlook for Ethereum. Crypto analyst Venture founder points out that Ethereum’s recent price action resembles a “cup and handle” pattern, which is often seen as a bullish formation. The pattern suggests that Ethereum could see continued upward momentum, with key price targets of $5,349, $6,457, and $7,238 by Q1 2025.
Venturefounder also highlighted that Ethereum’s recent closure above the $3,800 support level on the weekly chart confirms the ongoing uptrend. This price action suggests that Ethereum could soon retest its previous all-time high of $4,900, followed by the higher targets mentioned above. If these predictions play out, Ethereum could be on the path to setting a new ATH in the coming months.
In addition to its price surge, Ethereum has outperformed Bitcoin and other altcoins in recent weeks. On a 30-day chart, Ethereum has gained 26.99%, while Bitcoin has seen a more modest increase of 17.49%. This outperformance highlights Ethereum’s strength in the current market environment, and analysts are noting a clear rotation of capital from other altcoins like Solana (SOL) to Ethereum. Over the same 30-day period, Solana’s price has only increased by 1.69%, signaling that investors are favoring Ethereum over other blockchain projects.
Ethereum’s price gains are also reflected in the ETH/BTC trading pair, which has shown strength recently. Analysts, including Venturefounder, are drawing comparisons to the 2016-2017 bottom reversal pattern for ETH/BTC, suggesting that a breakout could be imminent. With Ethereum continuing to show resilience against Bitcoin, the ETH/BTC pair could see significant upward movement in the near future.
Looking further ahead, some analysts are even more optimistic about Ethereum’s potential. Venturefounder, for example, has a long-term price target of $15,937 for Ethereum, predicting that ETH could reach this milestone by May 2025. This ambitious target reflects the belief that Ethereum’s fundamentals, including its ongoing upgrades and the growing adoption of decentralized applications (dApps) and smart contracts, will drive its value to new heights.
Ethereum’s recent success has been driven by the continued development of its blockchain, which is transitioning to Ethereum 2.0. This upgrade, which includes the shift from proof-of-work to proof-of-stake, aims to make the Ethereum network more scalable, secure, and sustainable. As Ethereum 2.0 progresses, many believe it will unlock further growth potential for the cryptocurrency.
As of the latest market update, Ethereum’s price stands at $4,005, marking a 1.34% increase in the past 24 hours. The cryptocurrency’s market cap has reached $482 billion, solidifying its position as the second-largest cryptocurrency by market capitalization, behind Bitcoin. The 24-hour liquidation volume has surged to $80 million, with $54 million of that coming from short liquidations, further emphasizing the bullish sentiment in the market.
Ethereum’s price breakout above $4,000, coupled with strong whale accumulation and bullish on-chain data, has set the stage for a potential new all-time high. The “cup and handle” pattern, along with Ethereum’s outperformance against Bitcoin and other altcoins, suggests that Ethereum could soon surpass its previous ATH of $4,900 and possibly even reach higher price targets by Q1 2025. As Ethereum continues to evolve and gain adoption, the long-term outlook remains highly bullish, with some analysts predicting that ETH could reach as high as $15,937 by 2025.
Investors and market participants will be watching closely as Ethereum navigates this exciting period, with many hoping that the cryptocurrency’s momentum will continue to build in the coming months.
James T, a passionate crypto journalist from South Africa, explores Litecoin, Dash, & Bitcoin intricacies. Loves sharing insights. Enjoy his work? Donate to support! Dash: XrD3ZdZAebm988BfHr1vqZZu6amSGuKR5F
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