Ethereum’s market momentum is accelerating as large investors expand their holdings and price forecasts point to a bullish year-end.
Whales Strengthen Positions Ahead of Potential Breakout
According to on-chain analytics from Alphractal, addresses holding between 10,000 and 100,000 ETH have been accumulating aggressively since April. This group, historically one of the most influential in Ethereum’s market cycles, now controls nearly 31 million ETH, an all-time high. Analysts note that this cohort’s behavior has closely correlated with previous bull runs, particularly in 2017 and 2021, when whale accumulation preceded major price rallies.
Addresses holding between 10K and 100K ETH were the ones that accumulated the most during Ethereum’s last bull run.
The Address Supply Bands chart is a fascinating way to see which cohorts of investors hold the largest share of a crypto asset.
For Ethereum, the 10K–100K ETH… pic.twitter.com/rIzVPwNxpL
— Alphractal (@Alphractal) October 25, 2025
The continued buildup suggests growing confidence among high-net-worth and institutional investors in Ethereum’s long-term fundamentals. Alphractal emphasizes that such large holders tend to act as a “smart money” signal, often accumulating before significant upward price moves.
Ethereum’s Market Performance Strengthens Near $4,000
Data from CoinMarketCap shows Ethereum trading at $3,985.79 as of October 26, marking a 1.07% daily increase and pushing its market capitalization to $481 billion. Despite a 43.5% drop in trading volume to $15.18 billion, ETH has shown resilience around the $3,900 level, a price zone that many traders consider a springboard toward retesting yearly highs.
Ethereum’s circulating supply remains 120.69 million ETH, and on-chain activity continues to rise amid institutional accumulation, stable staking yields, and optimism surrounding new product integrations in the DeFi ecosystem.
Price Forecasts Signal Up to 52% Gains by December
Forecast data from CoinCodex supports this bullish sentiment. Analysts project Ethereum to trade between $3,936 and $6,053 by December 2025, representing a potential 51.94% upside from current levels. The model places Ethereum’s average price for November at $5,052.89, reflecting expectations of continued momentum as investor demand accelerates into Q4.
The upward revisions are driven by several key catalysts:
- Growing institutional demand through spot Ethereum ETFs (recently approved in Hong Kong).
- Expansion of Layer-2 scaling adoption, improving network efficiency and fee structures.
- Increasing staking participation and whale accumulation, which reduce circulating supply.
Confidence Builds for Ethereum’s Next Cycle
With whale wallets now holding a record 31 million ETH, strong on-chain signals align with optimistic forecasts from analysts. Historically, this level of accumulation has preceded exponential rallies — and with Ethereum’s fundamentals strengthening, many view the current price range as the base of the next major uptrend.
As Alphractal concluded, “These large holders seem remarkably confident in Ethereum’s future.” If historical patterns hold, that confidence could soon translate into one of Ethereum’s strongest year-end performances in recent years.
