Whales bet billions on Ethereum moonshot – $22K next?

Although most assets in the cryptocurrency market are not yet in the clear from the few weeks of uncertainty, Ethereum (ETH) is back in the spotlight as analysts project explosive upside potential, while whales quietly load up on the second-largest crypto asset.

Indeed, according to on-chain data shared by crypto trader Ali Martinez, Ethereum whales have bought more than 260,000 ETH in the previous 24 hours, he noted in an X post on September 2.

This accumulation spree, worth over $1 billion, has some traders asking, is Ethereum a good investment ahead of the next bull cycle? If anything, it underscores growing confidence among large holders that ETH could be preparing for its next major rally.

How high will Ethereum go?

Meanwhile, fellow market analyst Egrag Crypto laid out a bold cycle-based roadmap for Ethereum’s future price action. Drawing from Fibonacci extensions and historical cycle behavior, he identified three potential ‘hits’ for ETH’s next peak: $8,500, $15,200, and $22,000.

Additionally, Egrag Crypto explained that the outcome may hinge on a key confluence factor: a breakout from Ethereum’s long-term ascending triangle formation. 

Depending on how this plays out, ETH could either follow a more conservative non-logarithmic path toward $8,500 or push into logarithmic territory with a target as high as $22,000. The middle ground – a measured move to around $15,250 – represents the average projection. 

As the expert said, emphasizing that liquidity rotation during such a rally could ignite a full-fledged altseason:

“I’m really rooting for ETH to pump, as that could trigger some popcorn moves in the altcoins market!”

For the time being, Ethereum is changing hands at the price of $4,395.72, down 0.81% in the last 24 hours, as well as declining 0.63% across the previous seven days. Still, it has increased by 26.73% on its monthly chart, per the latest data.

With whales accumulating and technical analysts pointing toward massive potential upside, Ethereum appears to be entering a pivotal stage. The combination of whale activity, bullish analysis, and altcoin market rotation is leaving many investors wondering, should I buy Ethereum now or wait for the breakout? 

The prominent Ethereum supporter and chairman of BitMine Immersion Technologies, Tom Lee, seems to favor the former, recently predicting that Ethereum was looking at $5,500 in the next couple of weeks, and as much as $10,000 or $12,000 by the year’s end.