Ethereum’s native token, Ethereum (ETH), is currently the only cryptocurrency in the top 10 by market capitalization to have shown negative returns over the past 30 days.
Top 10 cryptocurrency assets by market capitalization. Source: CoinGecko
With crowd sentiment dropping to new lows each week, altcoins are desperate for a bullish resurgence, and on-chain data suggests that such a resurgence may not be far away.
Ethereum address adds 330,000 Ether in 2 weeks.
Cryptocurrency market analyst MAXPAIN highlighted that Ether addresses holding between 1,000 and 10,000 ETH have accumulated 330,000 ETH since January 7, worth over $1.08 billion.
Ether Whale Address Analysis. Source: X.com
The previous ETH accumulation of the same magnitude occurred in April 2024, when the same group of addresses accumulated over 620,000 ETH. Since then, the altcoin has risen 66%.
The cryptocurrency trader also noted that the result could be an increase in daily active addresses and network growth to 180,000, which could mean new capital inflows.
Bitcoin, Ethereum spot trading volume. Source: CryptoQuant
Conversely, CryptoQuant’s verified on-chain analyst Percival highlighted key differences between ETH spot market trading in 2021, 2024, and 2025. The analyst explained that ETH trading volume decreased from $52 billion in January 2021 to $8 billion in 2025. A whopping 84% decrease. The merchant added.
“This means that demand for Ethereum is quite low during this bull market.”
So even though whales were adding ETH to their wallets, retail interest took a huge hit during this bull market.
Related: Ethereum ETF Issuers Expect Staking To Be Approved Soon: Joe Lubin
Will the inverse head and shoulders pattern push ETH to $5,000?
With most markets moving due to Ether’s poor performance over the past month, several traders were looking at the current market setup as a potential bullish opportunity.
Ethereum weekly chart analysis. Source: X.com
Jelle, a long-term cryptocurrency investor, has seen an inverted head and shoulders pattern forming within another bullish setup of an ascending triangle on the weekly chart.
As analysts have hinted at the potential for price discovery in altcoins, if the price converges within a few bullish confluences, the odds of a bullish breakout improve significantly.
In fact, derivatives trader Alec said that Ethereum is developing tightening on both the 30-minute lowest time frame (LTF) and one-day highest time frame (HTF). With liquidity on both sides of the spectrum, traders said:
“A bigger move for ETH is on the horizon. Take the liquidity and run in the opposite direction? But which way??
Lastly, market analyst Cold Blooded Shiller commented on the current dismissive nature of the Ethereum industry, saying:
“$5,000 $ETH by March, this will be the saltiest space on Earth.”
Ether’s achievable target is $5,000, but the immediate hurdle remains at the $4,100 level. Since 2024, Ethereum has broken the descending trend line twice, but has not broken the overhead resistance of $4,100.
Ethereum 1 day chart. Source: Cointelegraph/TradingView
Therefore, the immediate condition for Ethereum to target $5,000 is for $4,100 to turn into support on the daily and weekly charts. Ether could rebound to $5,000 if price action is approved above the aforementioned levels, but until then, the altcoin still has to bounce back against bearish odds.
Related: Ethereum Foundation Infighting and Declining DApp Volumes Drive Clouds Above ETH Price
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.