Ethereum's price has once again surged strongly in the past 24 hours, breaking through $4,000 and expanding the weekly gain to over 9%. The reason for breaking this key resistance level is due to ETH whales hoarding, supported by optimistic on-chain indicators. Market analysts believe Ethereum will soon set a new all-time high.
Whales hoarding coins drive Ethereum prices to surge
According to data from blockchain analysis platform Santiment, the total number of Ethereum whale wallets holding at least 100,000 ETH has reached 104. Their total holdings now account for 57.35% of the total ETH supply, valued at up to $333.1 billion. Moreover, 92% of ETH holders are currently in profit.
On the other hand, the supply share of wallets holding between 100,000 to 1 million ETH has dropped to a historic low of 33.46%. Similarly, the supply of small wallets holding less than 100 ETH stands at 9.19%, close to a four-year low. Santiment pointed out that the concentration of ETH among major stakeholders is a long-term bullish signal, potentially driving Ethereum's price to reach around $5,000 for a new all-time high.
Cryptocurrency analyst Venturefounder noted that recently Ethereum closed above the $3,800 support level on the weekly chart, confirming an upward trend. The 'cup and handle' pattern for Ethereum is playing out, indicating bullish momentum. The next key price targets include a retest of the historical high (ATH) of $4,900, followed by milestones of $5,349, $6,457, and $7,238. Venturefounder predicts that this upward trajectory could be realized by the end of the first quarter of 2025 at the latest.
The analyst also pointed out that, despite widespread skepticism, Ethereum could "take off and never look back," catching investors off guard. Venturefounder maintains an optimistic long-term target price of $15,937 for Ethereum, expecting it to achieve this milestone by May 2025.
According to Glassnode, Ethereum has outperformed Bitcoin and other altcoins like Solana on the 30-day chart. While BTC price rose by 17.49%, ETH increased by 26.99% during the same period. Additionally, it noted that top altcoins have noticeably shifted from Solana to Ethereum. The price increase of SOL over the past 30 days was only 1.69%.
ETH-BTC trend is strong
Recently, Ethereum's price has performed better than Bitcoin, with ETH/BTC showing strength once again. Analyst Venturefounder pointed out:
"ETH/BTC shows no changes. The bottom reversal pattern from 2016-2017 is repeating. The bottom has formed. A rebound could happen at any time."
Additionally, VanEck's Head of Digital Assets, Matthew Sigel, noted that, similar to 2020, ETH/BTC is expected to display a parabolic trend.
As of the time of writing, the ETH price is reported at $4,005, a 1.34% increase, with a market capitalization of $482 billion and a 24-hour liquidation amount soaring to $80 million, of which $54 million was short liquidations.
