- Ethereum has surged past $4,000, fueled by significant whale accumulation and strong on-chain metrics.
- Analysts highlight Ethereum’s robust technical indicators, including a “cup and handle” pattern, and project key price milestones of $4,900, $5,349, and beyond.
Ethereum, the second-largest cryptocurrency has surged past the $4,000 mark within the past 24 hours. This significant milestone has at the time of writing, seen the supreme altcoins push its weekly gains by a significant 9%. Notably, this surge can be greatly attributed to the great whale accumulation not forfeiting bullish on-chain metrics.
When this was noted, market pundits and market participants believe that the digital asset is on the verge of breaking its all-time high of $4,878.26, reached on November 10, 2021.
Evidencing great whale accumulation, data from blockchain analytics platform Santiment has revealed that the number of Ethereum whale wallets holding at the very least 100,000ETH has reached 104. Collectively, these wallets hold 57.35% of the total ETH supply which currently stands at almost 120 million ETH.
These striking metrics further underscore the growing confidence among large investors, as 92% of all ETH holders are currently profitable.
Further digging has revealed that wallets holding between 100 and 100,000 ETH have notably dropped to their lowest in Ethereum’s history. Currently, the figure stands at 33.46%, while smaller wallets with less than 100 ETH hold just 9.19% of the supply, a near four-year low.
The increasing concentration of Ethereum holdings among significant stakeholders is viewed as a long-term positive signal, capable of propelling ETH prices to $5,000 and beyond.
Technical Indicators Point to New Highs
This bullish behavior has led to renowned market analyst to bring to light that Ethereum’s strong technical foundation, noting that the recent close above the $3,800 support level confirms a bullish uptrend.
According to the analyst, Ethereum has formed a classic “cup and handle” pattern, indicating a potential continuation of the uptrend.
As per the analyst, Ethereum has key price targets including its all-time high of $4,900. Moving forward, the second-largest digital asset will have to face price targets of $5,349, $6,457, and $7,238.
It is worth mentioning that Venturefounder projects that Ethereum could achieve these targets by the end of Q1 2025, with a long-term price prediction of $15,937 by May 2025.
Additionally, Matthew Sigel, VanEck’s head of digital assets, draws comparisons to Ethereum’s 2020 breakout, suggesting that ETH/BTC is primed for another significant rally.
Ethereum Outshines Bitcoin and Altcoins
Focusing on a broader cryptoccurency market, Ethereum has demonstrated great success. Notably, Ethereum has recorded robust performance against Bitcoin and the rest of the altcoin market.
This has been brought to light by data from Glassnode. According to Glassnode, Bitcoin’s price rose by 17.49%, Ethereum gained an impressive 26.99%. Notably, Ethereum has overtaken Solana in top altcoin dominance, as SOL posted only a 1.69% increase during the same period.
Meanwhile, at the time of writing, ETH is swapping hands with $4,011.26 after recording a 2.93% surge in the past 24 hours. Additionally, the digital asset has also surged by 8.18% and 29.23% in the past week and month respectively.
