The cryptocurrency market continues to uphold a bullish narrative, with Bitcoin persistently striving to reclaim the $100k mark. Last week’s consolidation has strengthened the position of major altcoins, including Ethereum, setting the stage for the next breakout. Amid rising network activity with increasing new wallets and significant whale accumulation, Ethereum appears poised to breach the $4k level in the near term.
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:
- Ethereum price potential for a $4,000 breakout surged with new wallet creation and whale buying.
- The ETH price rebound from $3500 indicates the market sentiment follows a buy-the-dip sentiment.
- The current recovery trend could face overhead supply at $4,100 and $4,875.
ETH Hits 8-Month High 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, according to data from Santiment.
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.
📈 Ethereum is seeing an 8-month high level of new wallets created. With an average of 130.2K addresses newly popping up on the network every day so far in December, ETH is seeing renewed interest it hasn’t seen since April. pic.twitter.com/sLPy8yeWtl
— Santiment (@santimentfeed) December 13, 2024
In addition, a new whale wallet withdrew 5,160 ETH (worth approximately $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 position 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.
