Finance

Ethereum Whales Load Up: Will ETH Surge to $5,000 as Institutions and Bulls Converge?

Whale accumulation and institutional interest signal a potential Ethereum rally, targeting $4,500 amid bullish technicals.

byAndres Castro

November 10, 2025, 4:14 PM

Two 3D blue whale models biting a large Ethereum cryptocurrency token.

Two blue whales bite a large Ethereum token, visually representing crypto market whales. By MDL.

Executive Summary

Ethereum has established structural support around $3,400, driven by significant whale accumulation that signals a potential market bottom and accumulation phase.

Institutional entities, including major Ethereum treasury companies and publicly traded firms, are significantly increasing their ETH holdings, with Fundstrat Chairman Tom Lee expressing strong confidence in Ethereum’s future as the “tokenization layer.”

Technical analysis reveals a potential double-bottom pattern and robust buyer demand, suggesting a bullish reversal with price targets projected towards the $4,500-$5,000 range.

The Story So Far

Ethereum’s current price stability and potential rally are underpinned by significant accumulation from large holders (whales) and increasing institutional interest, with treasury companies and publicly traded firms bolstering their ETH exposure, alongside bullish sentiment from market experts like Fundstrat Chairman Tom Lee, who sees Ethereum as pivotal for Wall Street’s on-chain transition.

Why This Matters

The significant accumulation of Ethereum by large holders and institutional entities, including major treasury firms and publicly traded companies, signals strong confidence in its future, potentially marking a market bottom and setting the stage for a substantial price rally towards the $4,500-$5,000 range. This sustained institutional interest not only provides robust structural support for ETH but also reinforces its emerging role as a critical “tokenization layer” for Wall Street’s transition to the on-chain economy, suggesting increasing mainstream financial integration and potential long-term value.

Who Thinks What?

Analysts at CryptoQuant and other market observers believe that significant whale accumulation and an increase in Ethereum’s Spot Average Order Size indicate a potential market bottom and the start of a bullish accumulation phase, aiming for a rally towards $4,500-$4,800.

Institutional entities, including Ethereum treasury companies and other publicly traded firms, are actively accumulating ETH, playing a crucial role in maintaining its bullish market structure and expanding their staking and reserve operations.

Thomas Lee, chairman of BitMine and Fundstrat, expresses strong confidence in Ethereum’s future, viewing recent price dips as an “attractive opportunity,” while technical analysis points to a potential double-bottom pattern suggesting a rally towards the $5,000 range.

Ethereum (ETH) has established structural support around the $3,400 mark, driven by significant accumulation from large holders, commonly known as whales. This renewed buying pressure has positioned ETH bulls to target the $4,500 resistance level as the next objective in the cryptocurrency’s recovery trajectory.

Whale Accumulation Signals Potential Bottom

Analysts at CryptoQuant have noted a notable increase in Ethereum’s Spot Average Order Size since a sell-off on October 10. Historically, this metric has served as an indicator of local market bottoms and the onset of accumulation phases, suggesting a potential trend reversal for ETH.

This pattern of whale accumulation has, in previous market cycles, often preceded significant trend reversals or late-stage consolidation periods before major price upswings. Should the $3,000-$3,400 region continue to hold as a robust structural support, Ethereum could be entering a low-volatility accumulation phase, potentially leading to a bullish impulse towards the $4,500-$4,800 range.

Institutional Interest Bolsters ETH Holdings

Institutional entities, particularly Ethereum treasury companies, are playing a crucial role in maintaining Ethereum’s bullish market structure through continued accumulation. Bitmine Immersion Technologies, a prominent Ethereum treasury firm, recently disclosed that it owns 2.9% of the total ETH token supply, equating to 3,505,723 ETH valued at approximately $12 billion.

Other publicly traded companies are also increasing their exposure to Ethereum. Canadian-listed Republic Technologies announced a $100 million convertible note financing aimed at expanding its Ethereum staking and reserve operations. Nasdaq-listed firms such as Sharplink Gaming, The Ether Machine, Bit Digital, and ETHZilla collectively hold over $6 billion worth of Ethereum, according to CoinGecko data.

Fundstrat Chairman Optimistic on Ethereum’s Future

Thomas “Tom” Lee, chairman of BitMine and Fundstrat, expressed strong confidence in Ethereum, stating that “the best of Ethereum is about to come.” He views the recent price dip as an “attractive opportunity” for increased ETH purchases by BitMine, reinforcing his belief in Ethereum as the “tokenization layer” for Wall Street’s transition to the on-chain economy.

Lee also highlighted the fourth quarter’s historical strength for crypto and equity markets, anticipating improved trading volumes as investors typically increase “open interest” during this period. This sentiment is echoed by an insider whale, reportedly known for a 100% win rate, who is adding to an ETH long position with an order size of $194.3 million, further signaling conviction in an upcoming rally.

Technical Analysis Points to Potential Rally Towards $5,000

From a technical perspective, the Ethereum (ETH/USD) daily chart reveals the formation of a potential double-bottom pattern, a classic bullish reversal signal. The two distinct lows suggest robust buyer demand around the $3,500-$3,520 region, indicating that this level has been defended twice.

The pattern’s neckline is currently aligning with a descending trendline resistance, which ETH appears to be testing after a brief breakout attempt. An ascending green trendline from the previous rally provides structural support, and Ethereum reclaiming this level would further reinforce bullish sentiment. Fibonacci retracement levels indicate immediate resistance targets at $3,888, $4,069, and $4,261, with a broader breakout target projected towards $5,058 if upward momentum is sustained. Volume activity showing accumulation near the second bottom supports the view of buyers re-entering the market after selling pressure exhaustion. If Ethereum can maintain its position above $3,520 and decisively break past $3,800, it could confirm the double-bottom breakout and pave the way for a move into the $4,200–$5,000 range.

Outlook

With significant whale accumulation, increasing institutional interest, and bullish technical indicators, Ethereum appears to be in a strong position for a potential price rally. The $3,400 level is proving to be a critical support, setting the stage for bulls to target higher resistance levels in the near term.