Whales Accumulate Aggressively as ETH Nears $4,700

Ethereum (ETH) surged above $4,650 today, climbing over 3% in the last 24 hours as on-chain data revealed a wave of large-scale accumulation by major holders.

The move positions ETH within striking distance of the $4,800 resistance zone – a level not seen since early 2022.

According to data highlighted by analyst Crypto Rover, Ethereum whales have been “buying like madmen,” with wallet addresses holding between 10,000 and 100,000 ETH steadily increasing their balances over recent weeks.

The CryptoQuant chart he shared shows a clear upward trend in whale accumulation since late summer, coinciding with Ethereums steady recovery from the $3,800 range.

Market momentum has been building since early October, driven by optimism surrounding Bitcoin‘s rally and renewed expectations for Ethereum’s ecosystem growth. Technical indicators also show bullish strength: the daily RSI currently sits near 63, reflecting healthy buying pressure without immediate signs of overbought conditions.

If ETH manages to break decisively above $4,800, analysts say it could pave the way toward retesting its previous all-time highs. However, traders are also watching for potential pullbacks near this resistance level as short-term holders take profits.

With whales showing strong conviction and momentum building across the broader altcoin market, Ethereum appears to be entering a critical phase in its price trajectory—one that could determine whether it becomes the next major breakout in the post-Bitcoin surge environment.

Alexander Zdravkov is a person who always looks for the logic behind things. He is fluent in German and has more than 3 years of experience in the crypto space, where he skillfully identifies new trends in the world of digital currencies. Whether providing in-depth analysis or daily reports on all topics, his deep understanding and enthusiasm for what he does make him a valuable member of the team.