Ethereum Surges 1.27% to $2,457 Amid Bullish Trends and Whale Accumulation

Ethereum (ETH) has been showing strength, currently trading at $2,457, up 1.27% on the day. This performance aligns with growing speculation that ETH could reach $10,000 in this cycle, as it has been in a multi-year ascending channel since 2017. Crypto analyst Ted Pillows highlights the significance of Ethereum’s long-term rising trend, noting that historical touchpoints along the lower band of this channel have triggered massive rallies, with increases of up to 300x in 2017 and 50x in 2020. While such extreme multiples are less likely now due to ETH’s $292 billion market cap, Pillows believes a climb toward $10,000 remains plausible.

However, technical resistance must first be overcome. ETH was twice rejected near $2,600 in June. Analysts like Crypto Patel signal a clean break, and a close over $2,800 would confirm a bullish shift, potentially targeting $4,000 and beyond. On-chain data supports the bullish thesis. Whale wallets and institutions are steadily accumulating ETH, even as price action remains range-bound. Lookonchain reports SharpLink Gaming acquired $4.82 million worth of ETH OTC, raising its total exposure to $478 million. Additional signs of confidence include $4.56M deposited into Ethereum’s Beacon Chain, likely for staking, $293M withdrawn from exchanges—suggesting a move to cold wallets, and low volatility accompanied by high-value transfers. These patterns suggest whales are preparing for future appreciation rather than trading short-term moves.

Ethereum’s network activity is surging. Daily transactions have topped 1.5 million, and active addresses exceed 356,000—the highest levels since early 2023. Gas fees have jumped 130% in a week, reaching $10.26M, indicating increased demand for DeFi and NFT platforms. Despite this, ETH’s price lags. Key valuation indicators reflect caution, with the NVT Ratio spiked to 2044—implying price may be ahead of usage, and the MVRV Z-score dipped into negative territory, suggesting holders are underwater. This disconnect between price and fundamentals could be a hidden buying opportunity—or a sign of excessive hype.

Although the Ethereum price prediction remains bullish, the path to $10,000 depends on several factors. A break above $2,800 would confirm the trend, whale interest and staking flows would need to stick, and network usage would need to translate into price gains. If ETH maintains its support around $2,400 and Bitcoin’s dominance stabilizes, Ethereum may follow with a breakout. Analysts at XForceGlobal expect a Wyckoff-style move toward $9,400 if momentum builds. For now, ETH’s bullish trajectory is intact—but upside depends on reclaiming key resistance levels and validating long-term investor conviction through sustained volume and accumulation.