Ethereum Price: Whales Accumulate Aggressively as ETH Nears $4,700
Ethereum (ETH) surged above $4,650 today, climbing over 3% in the last 24 hours as on-chain data revealed a wave of large-scale accumulation by major holders.
The move positions ETH within striking distance of the $4,800 resistance zone – a level not seen since early 2022.
According to data highlighted by analyst Crypto Rover, Ethereum whales have been “buying like madmen,” with wallet addresses holding between 10,000 and 100,000 ETH steadily increasing their balances over recent weeks.
The CryptoQuant chart he shared shows a clear upward trend in whale accumulation since late summer, coinciding with Ethereum’s steady recovery from the $3,800 range.
Market momentum has been building since early October, driven by optimism surrounding Bitcoin’s rally and renewed expectations for Ethereum’s ecosystem growth. Technical indicators also show bullish strength: the daily RSI currently sits near 63, reflecting healthy buying pressure without immediate signs of overbought conditions.
If ETH manages to break decisively above $4,800, analysts say it could pave the way toward retesting its previous all-time highs. However, traders are also watching for potential pullbacks near this resistance level as short-term holders take profits.
With whales showing strong conviction and momentum building across the broader altcoin market, Ethereum appears to be entering a critical phase in its price trajectory—one that could determine whether it becomes the next major breakout in the post-Bitcoin surge environment.
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Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 10,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.
