Ethereum Accumulation Spikes: Is a $5,000 Price Target Within Reach?
In the last two weeks, Ethereum (ETH) addresses have collectively accumulated over 330,000 ETH. This surge in accumulation raises speculation about whether a $5,000 ETH price milestone is on the horizon.
Ethereum Lags Behind in Market Performance
Despite being one of the most significant cryptocurrencies by market capitalization, Ethereum has been the only top-10 digital asset to deliver a negative return over the past 30 days. With market sentiment hitting new lows week after week, ETH appears desperate for a bullish recovery. Recent on-chain data, however, suggests that this turnaround might happen sooner than anticipated.
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Whale Activity: 330,000 ETH Added in Just Two Weeks
Notable crypto analyst MAXPAIN has revealed that Ethereum addresses holding between 1,000 and 10,000 ETH have accumulated a staggering 330,000 ETH since January 7. This acquisition, valued at over $1.08 billion, is reminiscent of a similar scenario in April 2024, when the same group of holders amassed 620,000 ETH. Following that event, Ethereum’s price surged by 66%.
Additionally, daily active addresses on the Ethereum network have surged, with network growth reaching 180,000 addresses. This uptick could indicate a fresh wave of capital inflow into the ecosystem, signaling growing investor confidence.
Declining Transaction Volumes: A Cause for Concern?
While whale accumulation is a positive indicator, on-chain analyst Percival, writing on CryptoQuant, highlighted a concerning trend in Ethereum’s spot market transactions. Transaction volumes have plummeted from $52 billion in January 2021 to just $8 billion in 2025—a staggering 84% drop. This decline suggests reduced market activity, raising questions about whether Ethereum can sustain its bullish momentum.
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Technical Patterns Suggest a Potential Breakout
Several traders and analysts are eyeing Ethereum’s current market structure for potential bullish signals. Jelle, a seasoned crypto investor, has identified the formation of an inverse head-and-shoulders pattern on Ethereum’s weekly chart, nested within an ascending triangle—a combination that often signals an impending breakout.
The likelihood of a bullish breakout increases as the price consolidates near these confluences, suggesting that Ethereum could soon enter price discovery mode. Derivatives trader Alec noted tightening price action across both the 30-minute low time frame (LTF) and the 1-day high time frame (HTF), indicating a significant move is imminent. He stated, “A larger move is on the horizon for ETH. Will it break upwards or downwards?”
Can Ethereum Break $4,100?
For Ethereum to target $5,000, analysts agree that the immediate challenge lies at the $4,100 resistance level. Ethereum has tested this key level multiple times since 2024, breaking above a descending trendline twice but failing to secure a foothold above $4,100.
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If Ethereum can flip $4,100 into a support zone on both daily and weekly time frames, the path to $5,000 becomes more achievable. However, until this critical level is breached, bearish sentiment could continue to weigh on the market.
Industry Sentiment: Divided but Optimistic
Despite recent struggles, prominent analysts like Cold Blooded Shiller remain optimistic, predicting a $5,000 ETH price by March. He remarked, “$5k ETH by March, and this will be the saltiest space on Earth.”
While achieving $5,000 is plausible for Ethereum, the journey requires overcoming significant resistance and demonstrating strong network activity. Only time will reveal if Ethereum can overcome bearish odds and reach new highs in the coming months.
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