Key takeaways
Is ETH doing well right now?
A $113 million whale buy, $380 million in ETF inflows, and progress on the Fusaka upgrade mean Ethereum is doing well.
What has to happen for Ethereum to reach $7,000?
ETH should break out of its current range with increasing volume, stronger ETF inflows, and more whale buying.
Ethereum [ETH] is finding good momentum.
A major Bitmine buy, ETF inflows, and developments on the Fusaka front are generating optimism just as analysts are forecasting a $7,000 target. Can ETH turn this alignment into a breakout?
Ethereum whale activity increases!
Ethereum Whale Transactions Surge After The recent purchase of Bitmine for 113 million dollars, So the buildup is at an all-time high!
Source: X
Data from Santiment showed that whale transactions exceeding $1 million increased sharply on October 29, reaching one of the highest levels in more than three weeks.
Source: Sentiment
This coincided with ETH’s rally towards $4,000 – institutional buying could be strengthening support around press time levels. If this trend continues, it may provide the boost needed to make Ethereum run faster.
ETF flows recover as network advances
Ethereum ETFs had also been recovering, recording $379.9 million in net inflows this week and bringing total net assets to $27.66 billion, according to SoSoValue.
Source: SoSoValue
This rally came after two weeks of capital outflows and was accompanied by enthusiasm surrounding the improvement of Fusaka, now lives on the Hoodi testnet.
ethereal
With mainnet activation scheduled for December 3, the upgrade is said to improve scalability, reduce gas costs, and enable parallel execution.
These are all key steps to improve accrual efficiency and maintain network competitiveness ahead of the next market cycle.
ETH at $7K if…
Source: X
ETH was trading near $4,000 within a tight consolidation box at press time, with volume at 25.8K. This is similar to the structure prior to the May rally. published by MaxCrypto analyst.
Source: TradingView
Momentum was neutral: RSI at 47 and CMF -0.06, indicating tepid buying pressure.
For a run to $7K to materialize, price needs a proper break above the box with increasing daily volume, CMF turning positive, and continued ETF inflows/whale accumulation ($113 million Bitmine purchase helps).
Failure to break would likely retest the lower support band and invalidate the strong bullish projection. The configuration is plausible, not guaranteed.
