Whale buying signals Ethereum breaking through $5,000

Mega Whale Accumulates 2.2 Million ETH in 30 Days
Intermediate holders also joined the upward trend, increasing by 14%.
Expanding spot demand is more important than derivatives.

Ethereum (ETH) is approaching $4,500 on the 4th, raising expectations of breaking through the all-time high of $5,000. Market analysts suggest that whale buying is the key driver of the rally.

According to blockchain analytics firm Glassnode, "mega-whale wallets"—those holding more than 10,000 Ethereum tokens—saw a net inflow of 2.2 million Ethereum tokens in August. Furthermore, large whales—those holding between 1,000 and 10,000 Ethereum tokens—also resumed buying, adding 411,000 Ethereum tokens during the same period.

On-chain analyst Altcoin Vector said, "For Ethereum to break above $5,000, a strong accumulation trend will be necessary."

Market structure is also considered a variable. Glassnode analyzed that Ethereum's trading structure relies more heavily on derivatives than Bitcoin (BTC). Therefore, if spot demand doesn't expand, the upward trend could be limited.

On-chain analytics firm Santiment reported that mid-sized wallets holding between 1,000 and 100,000 Ethereum (ETH) have increased their holdings by 14% over the past five months. Experts are watching closely to see if this trend could lead to Ethereum hitting a new all-time high in the future.

Reporter Jeong Ha-yeon yomwork8824@blockstreet.co.kr