- Whales have amassed over 950,000 ETH, signaling strong confidence in its long-term potential.
- ETH’s key support at $3,044 held, while analysts saw $5,000 as the next big price target.
Ethereum [ETH] has continued to attract significant interest from major investors, with whales accumulating over $1 billion worth of ETH in recent months.
This influx of capital has supported Ethereum’s price recovery, but the critical question remains: can this accumulation drive ETH towards a $5,000 price target?
The accumulation of Ethereum whales is creating bullish sentiment
According to a recent analysis from Santiment, there is a clear trend of whale activity in the Ethereum market.
Over the past six months, addresses holding between 1,000 and 10,000 ETH have accumulated a total of 620,000 ETH between late July and early August, coinciding with Ethereum’s price rise from $2,400 to $4,000.


Source: MAXPAIN on X
More recently, a new accumulation phase saw whales take in another 330,000 ETH, strengthening the position as the price traded around $3,193.
The chart showed a consistent pattern: whale accumulation often precedes significant price increases. 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 drop to 52,200 addresses on January 23 signaled a slowdown in adoption.
This dip raises questions about ETH’s ability to maintain 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, continued network growth will be crucial if Ethereum is to reach higher price targets.
Ethereum Technical Analysis: Key Levels to Watch
AMBCrypto also examined Ethereum price movements and key technical levels.
ETH was trading at $3,193 at the time and was down 1.48% over the last 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 key 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 long-term target.


Source: TradingView
Reflecting mixed signals, the Elliot Wave Theory indicator stood at -3.67 at the time of writing, indicating slightly 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 such as slowing network growth and resistance at key technical levels could delay Ethereum’s climb to $5,000.
Read Ethereum’s [ETH] Price forecast 2025-26
Investors will also need to pay attention to 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 interest in whales will determine whether it can reach the coveted $5,000 mark in the coming months.