Whales Accumulate $1B ETH, Is $4,000 Next For Ethereum Price?

Ethereum (ETH) price remains rangebound around No data found for ethereum on 38 minutes ago, while whales accumulate 330K ETH worth $1 billion. A closer look at on-chain data shows other bullish signals are emerging that support a potential bounce. Technical analysis reveals the price is primed for a breakout rally to $4,000.

Ethereum Price Today: Reversal Likely as Whales Accumulate ETH

In anticipation of Donald Trump’s inauguration ceremony, Bitcoin (BTC) price struck an ATH of $109K over the weekend. This uptick caused many altcoins to shoot up, but Ethereum price remains rangebound and currently trades around No data found for ethereum on 38 minutes ago as of No data found for ethereum on 38 minutes ago. From a daily high of No data found for ethereum on 38 minutes ago ETH’s value is down No data found for ethereum on 38 minutes ago% on January 22. While the shor-term performance has been uninspiring, the outlook is likely to change for Ethereum, as suggested by on-chain metrics, whale accumulation data and technical analysis. All these bullish signals suggest that the price could bounce and revisit $4,000 soon.

*Ethereum price updated as of No data found for ethereum on 38 minutes ago. 

Network Activity Spikes: Is New Capital Flowing into ETH?

Data from Santiment shows that the Network Growth indicator has spiked to 180K after hovering around 90K for the past three months. This indicator tracks new wallets joining the Ethereum blockchain and suggests that these investors are interested in buying ETH at the current levels. Hence, Network Growth can be interpreted as capital inflow.

This metric spiked in May 2024 after Ethereum crashed from $4,000 to $3,100. Shortly thereafter, the price surged 34%. If history rhymes, then investors can expect a bottom formation around the current levels and expect Etheruem price to kickstart a rally.

With such a bullish fundamental development in investor outlook, it is likely that Ethereum price could form a bottom here. Supporting this idea are whales or high-net-worth traders accumulating ETH.

Whales on Buying Spree 

Two metrics suggest why whales, also known as high-net-worth investors, are buying ETH. The first indicator is the supply of ETH held by non-exchange addresses, which has risen from roughly 52 million in March 2024 to 66 million as of January 2025.

This accumulation spree occurs while the supply of ETH held on exchanges has dropped drastically in the past two months, from 10.89 million on November 27, 2024, to 10.39 million as of July 22, 2025. A combination of these two events serve as a bullish sign that Ethereum price could be preparing for an impulsive move to the upside.

Additionally, supporting accumulation is the supply distribution metric that tracks wallets holding between 1,000 and 10,000 ETH. This cohort has increased its stack by 330,000 ETH in the past two weeks. At the current value of No data found for ethereum on 38 minutes ago, they have accumulated ETH worth roughly $1.08 billion.

During a crash in July 2024, these wallets accumulated 620K ETH, which led to a price rally from roughly $2,400 to nearly $4,000 in the next five months. During the recent drop, these same wallets have accumulated 330K ETH, which hints that a potential uptrend could be brewing.

Will Ethereum Price Visit $4,000?

As noted above, on-chain metrics point to a bullish outlook for ETH and expect prices to rally. Technical analysis shows a falling wedge pattern forming for Ethereum on the four-hour chart. The bullish setup forecasts Ethereum price could rally 17% and tag $4,000. This target is obtained by adding the height of the wedge’s widest part to the breakout point of $3,400.

With bullish on-chain metrics like increased network activity and whales accumulating $1 billion worth of ETH, the outlook is as bullish as it can get. Investors must pay attention to these key support levels: $3,057 and $3,132. A breakdown of these barriers will spell trouble for ETH and could trigger a 13% to 15% crash to $2,657.

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