NAIROBI (CoinChapter.com)—Ethereum (ETH) whales are making substantial moves, raising questions about whether a breakout to $6,000 is on the horizon. Recent data reveals heightened accumulation by large holders and bullish on-chain patterns, offering insights into Ethereum’s trajectory.
Ethereum Whales Increase Activity Amid Price Surge
Whales have been rapidly accumulating Ethereum (ETH) in recent weeks. Analyst Ali Martinez shared in a social media post that large holders added over 430,000 ETH, valued at $1.4 billion, during this period. On Nov. 11, one whale purchased 26,028 ETH, worth $80.6 million, on Binance, sparking speculation about an upcoming price rally.
Analytics firm IntoTheBlock highlighted a surge in large ETH transactions, with daily counts surpassing 10,000—the highest since Aug.
Glassnode data shows the number of addresses holding at least 1,000 ETH rose from 5,527 to 5,561 by Nov. 13, only to fall back to 5,534 by Nov. 14. The number now stands at 5,542, reflecting cautious behavior among whales.
Between Nov. 13 and Nov. 18, Ethereum net inflows peaked at 83,500 ETH. But the trend reversed on Nov. 19, with a net outflow of 33,400 ETH, signaling a shift toward long-term holding as investors moved assets off exchanges.
Is Ethereum Eyeing a $6,000 Breakout?
Pseudo analyst Globe of Crypto identified an ascending triangle on Ethereum’s weekly chart, which could signal a rally if Ethereum breaks resistance at $3,600. Analysts estimate the breakout could drive prices to $5,500–$6,000, marking the highest level since Ethereum’s all-time high of $4,800 in Nov. 2021.
Analyst Crypto Faibik supported this bullish outlook by pointing to Ethereum’s broadening wedge pattern. Faibik stated that breaking out of this formation could trigger a broader altcoin rally, often called “Altseason.” The analyst projected a midterm target of $5,440, aligning with other bullish forecasts.
Ethereum’s rising whale activity and bullish technical patterns signal a potential upside. However, mixed signals from exchange flows and whale behavior suggest the market remains uncertain. Breaching the $3,600 resistance will determine whether Ethereum can continue its upward momentum.
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