Ethereum (ETH) Hits 8-Month High in Wallet Growth as Whales Accumulate, Setting the Stage for $4k Breakout

The cryptocurrency market continues to uphold a bullish narrative, with Bitcoin persistently striving to reclaim the $100k mark.

The cryptocurrency market maintains a bullish narrative as Bitcoin continues its attempt to reclaim the $100k mark. Last week’s consolidation has positioned major altcoins, including Ethereum, for the next breakout.

With rising network activity, increasing new wallets, and significant whale accumulation, Ethereum is expected to breach the $4k level soon.

Currently, the ETH price trades at $3,900 with an intraday gain of 0.47%. According to Coingecko, the global crypto market cap is at $3.8 Trillion, while the 24-hour trading volume is at $243.2 Billion.

Key Highlights:

ETH Hits 8-Month Peak in Wallet Growth as Whales Accumulate

Ethereum’s network activity is surging as the blockchain records its highest level of new wallet creation in eight months, data from Santiment shows.

With an average of 130,200 new addresses being created daily in December, the metric highlights renewed interest and growing adoption of the Ethereum network.

Moreover, a new whale wallet withdrew 5,160 ETH (worth around $20 Million) from the Binance exchange at an average price of $3,888. The transaction data, acquired from Arkham intelligence, signals active accumulation from investors during the market dip.

The surge in network activity and large holder buying positions Ethereum price for $4,000 in the near future.

Renewed Bullish Momentum Sets Ethereum Price for $4k Breakout

The week was a roller coaster ride for ETH holders as the price witnessed a sharp drop from $4,000 to $3,490 before rebounding to $3,900. This temporary correction was influenced by a bearish narrative surge from Bitcoin’s struggle to hold $100k. However, the rebound in the Ethereum price rebound suggests that buyers are actively accumulating during the market dips.

The daily chart analysis shows this recovery project buyers’ sustainability from a breakout of the 8-month correction trend. With renewed bullish momentum, increased whale accumulation, and a surge in network activity, Ethereum appears poised for a sustained breakout above $4,000 heading into 2025, with fewer signs of returning below that level.

If buying pressure continues, the Ethereum price is likely to breach $4,100 and could challenge the $4,850 resistance level.