Ethereum (ETH) whales are on a buying spree, signaling renewed confidence in the asset amid ongoing short-term bullish sentiment.
Specifically, this class of investors has accumulated about 800,000 ETH in the past week. Wallets holding between 10,000 and 100,000 ETH have steadily increased their positions over the period, according to data shared by Santiment on October 5.
Historically, such aggressive accumulation phases often coincide with the early stages of broader rallies, as institutional and high-net-worth investors tend to position ahead of retail market participation.
Notably, while the whale accumulation climbed through late September into early October, Ethereum’s price followed suit, breaking out of its consolidation range.
This suggests whales are buying dips, establishing a strong demand floor that could limit short-term downside risk.
To gauge how the asset might react to these whale accumulation trends, Finbold consulted OpenAI’s ChatGPT for insights on Ethereum’s short-term outlook.
According to the AI model, if the trend continues, Ethereum could be setting up for a decisive breakout above the $4,600 and $4,700 range, potentially targeting $5,200 in the coming weeks.
Conversely, failure to hold above $4,300 could trigger a brief correction toward $4,000 before another leg higher.
Ethereum price analysis
At press time, Ethereum was trading at $4,507, up about 0.55% over the past 24 hours, while posting a weekly gain of more than 10%.
At the current price, Ethereum trades 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) stands at 55.78, firmly in neutral territory, indicating balanced momentum with room for further gains if buying pressure intensifies.
Featured image via Shutterstock
