Ethereum is showing fresh signs of strength as on-chain accumulation returns and top analysts project a powerful long-term rally. According to new data from Santiment, wallets holding between 100 and 10,000 ETH, known as “whales” and “sharks”, have started buying again after weeks of profit-taking earlier in October.
Between October 5th and 16th, these wallets dumped roughly 1.36 million ETH, but have since bought back close to one-sixth of that total, equivalent to more than 218,000 ETH in just one week. Santiment described the rebound as “a positive sign for Ethereum’s key stakeholders” and a potential shift toward renewed confidence among large holders.
Analysts See Parallels to Bitcoin’s 2024 Rally
Market sentiment is shifting rapidly, with multiple analysts pointing to technical structures that resemble Bitcoin’s 2024 breakout pattern.
Crypto strategist Ash Crypto noted that Ethereum’s chart is “perfectly mimicking” Bitcoin’s price movement before its last explosive run, predicting that a $7,000–$8,000 ETH “by the end of the year seems possible now.”
Supporting this outlook, Ali Martinez shared a longer-term projection suggesting Ethereum could eventually hit $10,000, though not immediately. His chart outlines a gradual rally over the next 18–24 months, showing a potential retest of lower supports before Ethereum begins its next parabolic leg toward five figures.
4-Year Breakout Points to Bullish Continuation
Despite short-term volatility, Ash Crypto emphasized that Ethereum’s monthly chart has already confirmed a breakout from a four-year accumulation range, a pattern that typically signals the start of a multi-year bull phase. The asset has retested and held above its breakout zone, suggesting strong structural support.
He also highlighted that Ethereum’s RSI remains neutral, far from the overheated levels seen at the 2021 peak. “When fear dominates the market, it often marks the bottom before the next leg up,” he wrote, implying that current caution may be the prelude to another major rally.
Whale Accumulation Adds Fundamental Support
The return of large-holder accumulation reinforces the bullish case from a fundamental standpoint. Historically, when whale cohorts increase their holdings after extended sell-offs, Ethereum’s price tends to stabilize and move higher in the weeks that follow.
With the Ethereum network’s on-chain activity rising, whales re-entering the market, and technical patterns aligning with Bitcoin’s previous cycle, analysts are increasingly confident that Ethereum’s next major move could carry it toward the $7,000–$10,000 range, not overnight, but with growing inevitability.
As Santiment summed up, Ethereum’s key stakeholders “are showing signs of confidence again”, and for the market’s second-largest crypto, that confidence could soon turn into momentum.