Will Ethereum Price Hit $5000 as Whales Hold 57% of ETH’s Total Supply?

Highlights:

• Ethereum price rises 1% to $4016 as trading volume skyrockets, signaling intense market activity. 
• Santiment shows that 104 whales now hold around 57.35% of ETH’s total supply.
• Crypto analysts predict that a big move for Ethereum’s price could be made. 

The Ethereum price is showing a strong bullish muscle, as it has soared 1% to trade at $4016 in the past 24 hours. The price has experienced a strong rally, gaining approximately 81% over the past year and 27% in the last month, signalling increasing interest and momentum in the Ethereum ecosystem. Accompanying the price movement is its daily trading volume, which has skyrocketed 42% to $43.23 billion, signalling increased market activity. 

Meanwhile, the On-chain analytics platform Santiment shows that 104 whales now hold around 57.35% of ETH’s total supply. Each of the 104 whale wallets holds more than 100,000 ETH, totalling $333.1 billion collectively. 

🐳 There are currently 104 whale wallets holding at least 100K Ethereum. Their combined holdings currently sit at 57.35% of all existing ETH tokens, currently worth ~$333.1B.

Meanwhile, wallets with 100-100K hold their lowest ratio of supply in history, 33.46%. And sub-100 ETH… pic.twitter.com/9qDN3lotQy

— Santiment (@santimentfeed) December 17, 2024

Whale Accumulation Could Be ETH’s Long-Term Bullish Signal

In its X post, Santiment noted that the number of wallets holding between 10 and 100,000 ETH has reached a low of 33.46%. Meanwhile, the supply ratio of wallets holding less than 100 ETH has plunged to a 4-year low of 9.19%.

Despite the recent lows recorded by these wallet metrics, Santiment said it’s “still generally a bullish long-term signal when a coin’s most prominent key stakeholders continue accumulating.” The metrics platform added that ‘’especially when it’s a 9-year-old asset with whales holding their highest ever portion of coins.’’

Ethereum Statistical Data

Based on CoinmarketCap data:

• ETH price now – $4,016
• Trading volume (24h) – $43.23 billion
• Market cap – $483.81 billion
• Total supply –120.45 million
• Circulating supply – 120.45 million
• ETH ranking – #2

The Ethereum price is on track for more gains as it seeks to break out of a rounding bottom chart pattern as shown on the daily chart below. The recent rise above the 200-day Simple moving average (SMA) and the 50-day SMA points to a possibility of continued recovery for the altcoin. 

Ethereum Price Outlook

At the time of writing, the ETH price was fighting supplier congestion from the technical pattern’s neckline at $4000. A daily candlestick close above this level could push the token to the key resistance around $4647. This could be where Ethereum’s upside may be capped for the short term, given that the price has been rejected here twice in the recent past.

However, in highly bullish cases, the token may breach this barrier to tag the $4821 psychological level. Increased buying pressure will see the bulls extrapolate the gains to record a new ATH at $5000, bringing the total gains to 25.16%.

Meanwhile, the Relative Strength Index (RSI) is well above the mean level of 50, showing the bulls control the market. Moreover, its position below 70 shows ample room for upside before ETH becomes overbought.

Elsewhere, renowned analyst @ali_charts on X says that the big move for Ethereum’s price could still be ahead. He has added that “in the past two bull cycles, Ethereum’s price went parabolic when long-term holders shifted into greed mode.” Right now, they’re only in the early stages of the belief phase.’’

In the past two bull cycles, #Ethereum $ETH went parabolic when long-term holders shifted into greed mode. Right now, they’re only in the early stages of the belief phase. The big move could still be ahead! pic.twitter.com/warxPOlSFj

— Ali (@ali_charts) December 17, 2024

A closer look at the MACD also hints at a possible buy signal, to be executed once it crosses above the signal line. This will tilt the odds in favor of the buyers, calling for traders to rally behind ETH. However, if the bears capitalize on the sell signal from the MACD indicator, the ETH price will fall. In such a case, a breach and break below $4000 will see the altcoin retest the $3830 mark.