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Ethereum (ETH) whales have caught the attention of the market by accumulating 330,000 ETH—worth approximately $1 billion—over the past two weeks. Analysts speculate this could signal Ethereum's potential to surpass the $5,000 price mark.
On-Chain Data Highlights Whale Activity
On January 23, Cointelegraph reported that Ethereum, the native token of the Ethereum blockchain, has been the only top-10 cryptocurrency by market capitalization to post negative returns over the past 30 days. However, on-chain data suggests a possible price rebound.
According to crypto analyst Max Payne, addresses holding 1,000 to 10,000 ETH have purchased 330,000 ETH since January 7, amounting to roughly $1.08 billion at current prices.
This behavior mirrors a similar accumulation event in April 2024, where the same group acquired 620,000 ETH. That instance preceded a 66% price rally, prompting analysts like Max Payne to see parallels and forecast another potential bullish run. He also noted a rise in network activity, with daily active addresses climbing to 180,000—a sign of new funds entering the ecosystem.
Bearish Signals in Market Fundamentals
While whale accumulation is promising, not all analysts are optimistic. On-chain analyst Percival pointed out weaknesses in the Ethereum market, highlighting a significant decline in ETH spot trading volume. From approximately $52 billion in January 2021 to around $8 billion in January 2025, ETH trading volume has dropped by 84%. Percival remarked, “Demand for ETH during this bull cycle is considerably lower than in previous cycles,” suggesting diminished retail investor interest despite whale activity.
Technical Indicators Show Mixed Sentiment
Some traders interpret the current market as an opportunity for ETH’s price to climb. Crypto investor Zel noted the emergence of both an inverse head-and-shoulders pattern and an ascending triangle on Ethereum’s weekly chart, both of which are considered bullish signals.
Similarly, trader Alex argued that Ethereum is building liquidity in both short- and long-term time frames, setting the stage for a significant price movement.
The Path to $5,000
To achieve the ambitious $5,000 price target, Ethereum must first break through a key resistance level at $4,100. Although ETH has managed to breach downward trendlines twice since 2024, it has yet to surpass the $4,100 resistance mark.
Market analyst Cold Blooded Shiller stated, “If ETH reaches $5,000 by March, it will mark one of the most significant reversals in the market.” However, he emphasized that Ethereum must transform the $4,100 level into a stable support zone before a sustained rally can occur.
While the $5,000 milestone remains a challenging target, increasing whale activity and improving technical signals suggest the possibility of strong upward momentum. For now, Ethereum faces both bullish optimism and bearish caution as the market watches closely for its next move.
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