According to data from the Santiment platform, large Ethereum holders – known as whales – added approximately 800,000 ETH to their wallets over the past week, representing more than $3 billion at current prices. This increase in accumulation indicates renewed confidence in the world’s second-largest cryptocurrency and may be a sign that the market is preparing for another growth phase. Analysts at BITmarkets point out that similar situations in the past have often heralded the start of a new bull cycle.
Whales are accumulating again
Wallets with volumes of 10,000 to 100,000 ETH are systematically expanding their positions, strengthening long-term demand for Ethereum. Historical data shows that it is these large addresses that often set the direction for the entire market. “When big players start buying, it’s usually the first sign of growing optimism,” says the BITmarkets team of analysts. Whales usually try to enter the market before small investors join in — similar to past bull runs, when their activity preceded significant price increases.
The increased activity from late September to early October also coincides with the rise in the price of Ethereum, which finally broke out of a several-week consolidation zone. This suggests that large investors are taking advantage of declines to buy, creating strong demand support that may limit the risk of deeper corrections in the short term and add stability to the market.
Price analysis and outlook by BITmarkets
According to BITmarkets analysts, the ongoing accumulation opens up room for a breakout above the key zone of $4,600–$4,700, which is already happening at the time of writing. If this trend continues, Ethereum could strengthen to $5,200 in the coming weeks. Conversely, if the price fails to stay above $4,300, there may be a short correction towards $4,000 before the market rebounds again.
Ethereum is currently trading around $4,700, representing a daily gain of 4.2% and a weekly gain of over 13%. The price remains well above the 50-day moving average ($4,330) and the 200-day moving average ($3,093), confirming a clear bullish trend. The RSI index at 58.2 shows balanced momentum and room for further growth. If the accumulation phase of whales continues, Ethereum has real potential to surpass this year’s highs again and head towards the $5,000 mark and above, according to BITmarkets.
