Ethereum News Today: Ethereum Whales Build 218K ETH Position, Signal 2028 $10K Surge

Ethereum (ETH) has maintained a firm stance above critical support levels, with analysts and market observers increasingly optimistic about its trajectory toward $10,000 by 2028. As of October 2025, ETH trades near $3,896, consolidating within a $3,700–$4,000 range amid cautious broader crypto market sentiment, according to a crypto.news analysis. Recent data highlights a resurgence in network activity, with daily transactions exceeding 1.2 million and total value locked in decentralized finance (DeFi) applications rising 8% week-over-week; the analysis notes these metrics underscore growing user engagement and capital inflow into Ethereum's ecosystem, bolstered by rising gas fees and a declining burn rate that enhances its disinflationary characteristics.

Institutional confidence is also resurging. Large holders — wallets containing 100–10,000 ETH — dumped 1.36 million ETH between October 5–16 but have since begun accumulating 218,470 ETH in the past week, according to a TradingView analysis. Historical patterns, the piece argues, suggest such accumulation often precedes multi-month rallies, as whales and institutional investors position for potential price surges. Technically, Ethereum remains above a pivotal $3,670–$3,870 support zone, now acting as a floor after transitioning from resistance in late 2024. A sustained breakout above $4,400–$4,500 could propel ETH toward $4,800–$5,000 by year-end, while a breakdown below $3,700 risks a pullback to $3,300–$3,400.

Advanced technical indicators further reinforce bullish sentiment. On the one-month chart, Ethereum has rebounded from mid-October lows and is testing key resistance near $4,000, as noted in a CoinDesk note. A clean close above $4,000 would open the door to $4,100 and retest early-month highs, while a failure to hold $3,930 could send price toward $3,870–$3,880. Meanwhile, Elliott Wave analysis published by CryptoNews projects ETH is in wave (5) of a larger uptrend, with Fibonacci projections targeting $5,125 at the 1.618 extension and a potential $6,021 if wave (5) completes fully, according to a CryptoNews analysis.

Long-term projections are even more ambitious. Analysts cite "signs of confidence" among whale holders and sharks, with some modeling a $10,000 target by 2028, a projection highlighted in the CoinDesk coverage. This optimism is fueled by Ethereum's Layer-2 adoption, which alleviates scalability concerns while maintaining mainnet demand, the crypto.news analysis adds. Stablecoin usage on Ethereum has also surged 400% in 30 days, reflecting renewed trust in its infrastructure, the CryptoNews piece reports.

The path forward, however, remains contingent on overcoming near-term resistance and maintaining institutional buying momentum. While short-term volatility is expected, the confluence of strong fundamentals, technical setups, and whale activity paints a compelling case for Ethereum's continued ascent.