Ethereum Targets $10,000 as Whales Accumulate and Network Activity Surges

Ethereum, the second-largest cryptocurrency by market capitalization, has been the subject of intense speculation and analysis, with many analysts revisiting a bold price prediction of $10,000. This prediction is based on Ethereum's long-term ascending channel, which has been in place since 2017. According to analyst Ted Pillows, this channel has historically triggered significant price movements, including a 300x increase in 2017 and a 50x increase in 2021. While such dramatic moves are less likely at Ethereum's current market cap of $292 billion, Pillows believes that a $10,000 price point is still feasible, provided that Ethereum can break above key resistance levels and demand metrics align favorably.

For Ethereum to achieve this breakout, it must first surpass the $2,800 resistance level, which has previously rejected price action twice in June. Crypto Patel, another technical analyst, suggests that a daily or weekly close above $2,800 would mark a significant technical shift. This could open the door for Ethereum to reach $6,000 and beyond within the channel. Patel emphasizes that the current structure is clean, the range is tight, and resistance is clear. Once $2,800 is flipped, the market could reopen, paving the way for substantial gains.

Beyond technical analysis, on-chain data indicates that institutional investors and crypto-native whales are accumulating Ethereum in anticipation of a major move. According to Lookonchain, SharpLink Gaming recently purchased $4.82 million worth of ETH over-the-counter, bringing their total ETH holdings to $478 million. Additionally, $4.56 million in ETH was deposited into Ethereum’s Beacon Chain, signaling increased staking activity. Furthermore, $293 million in ETH was withdrawn from exchanges, likely moving into cold storage. This activity suggests that whales are not speculating for short-term gains but are instead positioning for long-term growth.

Ethereum's network performance also supports the notion of a blockchain in high demand. Daily transactions have surpassed 1.5 million, the highest level since early 2023, and active wallet addresses have exceeded 356,000, indicating a growing user base. Weekly gas fees have surged by 130% to $10.26 million, reflecting increased DeFi and NFT activity on the network. However, the NVT ratio of 2,044 suggests potential overvaluation relative to transaction volume, while the negative MVRV Z-score implies that many ETH holders are currently at a loss, which could be seen as a buying opportunity.

To reach the $10,000 target, multiple catalysts need to align. Analysts are watching for a break above $2,800 to confirm the trend continuation, continued whale accumulation and long-term staking, and on-chain demand translating into price gains. If these conditions are met, Ethereum could reclaim the $4,000 level and enter the higher leg of its multi-cycle channel. XForceGlobal analysts predict an initial breakout to $3,600-$4,000, with the potential for continuation to $9,400-$10,000 if momentum accelerates. However, skepticism is warranted, as failure to reclaim resistance could trap Ethereum in the $2,400-$2,800 range and delay any significant moves.

In conclusion, Ethereum's structure, whale accumulation, and growing network activity support the $10,000 price prediction. However, without a clean break above $2,800, this remains theoretical. As more long-term investors stake their ETH and on-chain demand builds, the conditions for a rally are forming. Whether this rally materializes in the third quarter or stalls again will depend on resistance flips, volume surges, and continued inflows. Ethereum is at a critical juncture, and its next move will define the rest of the 2025 cycle.