Ethereum (ETH) whales are on a buying spree, signaling renewed confidence in the asset as the short-term bull run continues.
Specifically, this class of investors accumulated approximately 800,000 ETH over the past week. According to data shared by , wallets holding between 10,000 and 100,000 ETH have steadily increased their positions over this period. Singlet October 5th.
Historically, institutional and high-net-worth investors tend to outpace retail market participation, so this aggressive accumulation phase often coincides with the early stages of a broad bull market.
Notably, while whale accumulations rose from late September to early October, Ethereum price followed suit and broke out of its consolidation range.
This suggests that whales are buying on the edge, potentially establishing a strong demand floor that can limit short-term downside risk.
To gauge how the asset reacts to these whales’ accumulation trends, Finbold turned to OpenAI’s ChatGPT for insight into Ethereum’s near-term outlook.
According to the AI model, if this trend continues, Ethereum could be gearing up for a decisive breakout above the $4,600 and $4,700 range, potentially targeting $5,200 in the coming weeks.
Conversely, failure to sustain above $4,300 could trigger a temporary correction towards $4,000 before moving higher.
Ethereum price analysis
At the time of writing, Ethereum was trading at $4,507, up about 0.55% in the past 24 hours and up more than 10% for the week.
At the current price, Ethereum is comfortably above both its 50-day simple moving average (SMA) of $4,330.50 and 200-day SMA of $3,093.22, reinforcing a solid bullish trend.
Meanwhile, the 14-day Relative Strength Index (RSI) is firmly in neutral territory at 55.78, indicating balanced momentum with room for further upside if buying pressure increases.
Featured image via Shutterstock
