Ethereum Price Today: Whales Accumulate, 300K ETH Leaves Exchanges

Discover if Ethereum price has the ability to hit $5,000 if Bitcoin price manages to scale up to $150,000. Will ETH bulls pull through?
By Akash Girimath
December 5, 2024 | Updated December 5, 2024
Analyst Outlines Buying Opportunity Before Ethereum (ETH) Price Skyrockets to $3,000

Highlights

  • Ethereum price is up today despite recent Bitcoin crash.
  • ETH hitting $5,000 seems highly likely if Bitcoin touches $150,000.
  • A breakdown of $3,352 support level could catalyze a double-digit correction to $3,000.

The recent Bitcoin crash was followed by a massive upswing to new ATH. This development helped Ethereum (ETH) to climb higher as well.  Ethereum price today trades at $3,795.9 as of 11 PM. ETH hit a daily high of $3,946.6 after -1.34% move on September 9. If this bullish outlook sustains, Ether could not only hit $4,000, but reach for the $5,000 psychological level.

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Ethereum Price Today: Whales Buy ETH Dip Ahead of $5,000 Target

It’s a known fact that Ethereum price performance in the past few days has shown a higher relative strength in comparision to the performance noted for the major part of 2024. Despite ETH’s sell signals, the altcoin managed to climb higher on the back of Bitcoin’s momentum. From a short-term outlook, ETH price looks to extend its gains if BTC enters another rangebound movement above $100K.

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Ethereum Price Chart Today

eth price today

*Ethereum price updated as of 11 PM.

Ethereum’s innovative smart contract technology has made it a standout altcoin since its inception in 2015. Continuous major network upgrades ensure Ethereum stays ahead in smart contract innovation. The latest upgrade, Cancun, launched on March 13, 2024.

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Ethereum Price Outlook

ETH’s year-to-date (YTD) performance continues to increase and currently sits at 33%. This recent slump in Bitcoin price has affected the YTD gains, which have dropped from 50% since November 11. As of September 9, 2024, if you invested $10,000 in ETH on January 1, 2024, your portfolio, after 317 days, would be up roughly $3,317. Ethereum’s market capitalization stands at $459.0 billion.

Ethereum: The Second-Largest Crypto By Market Cap

Ethereum ranks second in market capitalization, valued at $459.0 billion, after Bitcoin’s $1.73 trillion. Together, BTC & ETH’s market capitalization constitutes 83% of the total crypto market cap.

Since its all-time high of $571 billion in November 2021, Ethereum’s value decreased by half in October, but has spiked recently due to Bitcoin’s new ATH. Still, Ethereum maintains a strong lead over other popular cryptocurrencies:
  • Solana (SOL): $98.8 billion
  • Ripple (XRP): $89.8 billion
  • BNB (BNB): $91.0 billion

Despite this recent downtick and recovery, the 24-hour trading volume of Ethereum is $65.5 billion.

Ethereum’s Crypto Trading Volume Soars

The 24-hour trading volume of Ethereum is $65.5 billion. Binance is the largest contributor to this trading volume – about 11% is contributed by spot trading and nearly 40% from futures trading. Exchanges like OKX, Bitget, and ByBit follow Binance.

Ethereum Switches to Proof-of-Stake Technology

The London hard fork is a significant Ethereum blockchain upgrade. It changed the network from Proof-of-Work (PoW) to Proof-of-Stake (PoS). Ethereum co-founder Vitalik Buterin recently shared his thoughts on X (formerly Twitter). He explained how Proof-of-Stake (PoS) is more decentralized than Proof-of-Work (PoW).

Notable Ethereum Upgrades in the Past Five Years

Here are some key upgrades in the past five years that shaped Ethereum as the second-largest crypto by market capitalization.

2024:

  • Cancun-Deneb (“Dencun”): This upgrade aimed to improve Ethereum’s scalability, security, and usability, setting the stage for further enhancements.
2023:
  • Shanghai-Capella (“Shapella”): Enabled the withdrawal of staked Ether (ETH), marking a significant milestone in Ethereum’s transition to a Proof-of-Stake (PoS) consensus algorithm.
2022:
  • Paris (The Merge): Successfully transitioned Ethereum from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus algorithm, reducing energy consumption and increasing security.
  • Bellatrix: Prepared the Ethereum network for The Merge by introducing the necessary PoS consensus logic.
  • Gray Glacier: Delayed the “difficulty bomb” that would have slowed down the network, ensuring a smooth transition to PoS.
2021:
  • Arrow Glacier: Delayed the “difficulty bomb” again, providing more time for the transition to PoS.
  • Altair: Introduced several improvements to the Beacon Chain, including better validator incentives and enhanced security.
  • London: Implemented the highly anticipated EIP-1559, which reformed the transaction fee market, making it more efficient and user-friendly.
  • Berlin: Introduced several protocol upgrades, including improved gas efficiency and enhanced security features.
2020:
  • Beacon Chain genesis: Launched the Beacon Chain, marking the beginning of Ethereum’s transition to PoS.
  • Staking deposit contract deployed: Enabled users to deposit ETH and participate in the PoS consensus algorithm.
  • Muir Glacier: Delayed the “difficulty bomb” to ensure a smooth transition to PoS.

ETH Gas & It’s Effect on Ethereum Price

The blockchain upgrades Ethereum receives aim to solve the trilemma of blockchain, i.e., balancing decentralization, security, and scalability. The switch to Proof-of-Stake (PoS) enhanced these aspects. Ethereum’s transaction fees (gas fees) plummeted post-upgrade, drawing more investors. Gas fees are like taxes, measured in Gwei, required for secure transactions.

As of September 9, the gas fee for a transaction on the ETH network as of 11 PM is 14 Gwei.

When Ethereum’s on-chain value grows, presenting opportunities, investors flock, driving gas fees up. This typically occurs during market upswings, peaking at all-time highs.

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Ethereum Price Forecast For The Next 7 Days

Date Price Change
September 09, 20254299.85-1.24%
September 10, 20254347.27-0.15%
September 11, 20254433.571.83%
September 12, 20254611.665.92%
September 13, 20254736.128.78%
September 14, 20254824.1110.8%
September 15, 20254715.988.32%
September 16, 20254616.526.03%
September 17, 20254654.396.9%
September 18, 20254764.849.44%
September 19, 20254951.5013.73%
September 20, 20255049.8715.99%
September 21, 20255121.5617.63%
September 22, 20255165.2418.64%
September 23, 20255171.0018.77%
September 24, 20255114.9817.48%
September 25, 20255065.5416.35%
September 26, 20255019.2315.28%
September 27, 20254865.0311.74%
September 28, 20254702.658.01%
September 29, 20254525.723.95%
September 30, 20254475.202.79%
October 01, 20254519.823.81%
October 02, 20254501.983.4%
October 03, 20254482.582.96%
October 04, 20254503.123.43%
October 05, 20254543.134.35%
October 06, 20254605.695.79%
October 07, 20254696.567.87%
October 08, 20254791.8710.06%

Based on CoinGagpe’s Ethereum price predictions, investors can expect ETH to trade at around $3,373 in the next week. This is a considerate prediction and is in line with the lackluster performance seen since the start of 2024.

Ethereum Price Forecast Between 2025 & 2029

2025
2026
2027
2028
2029
Month Minimum Price Average Price Maximum Price Potential ROI
January $3,235.99 $5,159.44 $4,197.72 6.8%
February $3,128.98 $5,147.89 $4,138.44 5.3%
March $3,021.98 $5,136.33 $4,079.16 3.8%
April $2,914.97 $5,124.78 $4,019.87 2.3%
May $2,807.96 $5,113.22 $3,960.59 0.80%
June $2,700.95 $5,101.67 $3,901.31 -0.7%
July $2,593.94 $5,090.11 $3,842.03 -2.2%
August $2,486.93 $5,078.55 $3,782.75 -3.7%
September $2,379.93 $5,067 $3,723.47 -5.2%
October $2,272.92 $5,055.44 $3,664.18 -6.7%
November $2,165.91 $5,043.89 $3,604.90 -8.2%
December $2,058.90 $5,032.33 $3,545.62 -9.8%
All Time $2,647.45 $5,095.89 $3,871.67 -1.5%
Month Minimum Price Average Price Maximum Price Potential ROI
January $2,667.99 $5,421.47 $4,185.24 6.5%
February $3,277.08 $5,810.61 $4,824.85 22.8%
March $3,886.18 $6,199.75 $5,464.47 39.1%
April $4,495.27 $6,588.89 $6,104.08 55.4%
May $5,104.36 $6,978.03 $6,743.70 71.6%
June $5,713.45 $7,367.17 $7,383.31 87.9%
July $6,322.54 $7,756.30 $8,022.93 104.2%
August $6,931.63 $8,145.44 $8,662.54 120.5%
September $7,540.73 $8,534.58 $9,302.16 136.8%
October $8,149.82 $8,923.72 $9,941.77 153%
November $8,758.91 $9,312.86 $10,581.39 169.3%
December $9,368 $9,702 $11,221 185.6%
All Time $6,018 $7,561.73 $7,703.12 96.1%
Month Minimum Price Average Price Maximum Price Potential ROI
January $9,707.08 $10,045.58 $11,643 196.3%
February $10,046.17 $10,389.17 $12,065 207.1%
March $10,385.25 $10,732.75 $12,487 217.8%
April $10,724.33 $11,076.33 $12,909 228.6%
May $11,063.42 $11,419.92 $13,331 239.3%
June $11,402.50 $11,763.50 $13,753 250%
July $11,741.58 $12,107.08 $14,175 260.8%
August $12,080.67 $12,450.67 $14,597 271.5%
September $12,419.75 $12,794.25 $15,019 282.3%
October $12,758.83 $13,137.83 $15,441 293%
November $13,097.92 $13,481.42 $15,863 303.7%
December $13,437 $13,825 $16,285 314.5%
All Time $11,572.04 $11,935.29 $13,964 255.4%
Month Minimum Price Average Price Maximum Price Potential ROI
January $13,933.33 $14,346.67 $16,883.67 329.7%
February $14,429.67 $14,868.33 $17,482.33 345%
March $14,926 $15,390 $18,081 360.2%
April $15,422.33 $15,911.67 $18,679.67 375.4%
May $15,918.67 $16,433.33 $19,278.33 390.7%
June $16,415 $16,955 $19,877 405.9%
July $16,911.33 $17,476.67 $20,475.67 421.1%
August $17,407.67 $17,998.33 $21,074.33 436.4%
September $17,904 $18,520 $21,673 451.6%
October $18,400.33 $19,041.67 $22,271.67 466.9%
November $18,896.67 $19,563.33 $22,870.33 482.1%
December $19,393 $20,085 $23,469 497.3%
All Time $16,663.17 $17,215.83 $20,176.33 413.5%
Month Minimum Price Average Price Maximum Price Potential ROI
January $20,221.50 $20,939.50 $24,364.17 520.1%
February $21,050 $21,794 $25,259.33 542.9%
March $21,878.50 $22,648.50 $26,154.50 565.7%
April $22,707 $23,503 $27,049.67 588.5%
May $23,535.50 $24,357.50 $27,944.83 611.2%
June $24,364 $25,212 $28,840 634%
July $25,192.50 $26,066.50 $29,735.17 656.8%
August $26,021 $26,921 $30,630.33 679.6%
September $26,849.50 $27,775.50 $31,525.50 702.4%
October $27,678 $28,630 $32,420.67 725.2%
November $28,506.50 $29,484.50 $33,315.83 747.9%
December $29,335 $30,339 $34,211 770.7%
All Time $24,778.25 $25,639.25 $29,287.58 645.4%

In the next year, Ethereum price could still be hovering in the current range. Based on the prediction data, ETH’s trade range extends from $3,001.19 to $4,651.84. This outlook is based on the previous data. However, if ETH breaks the trend, it could go much higher.

The long-term outlook extending from 2025 to 2029, Ethereum price could hit a high of $18,603 with the lowest point being $3,000.

Ethereum Price Forecast Between 2030 & 2050

2030
2031
2032
2033
2040
2050
Month Minimum Price Average Price Maximum Price Potential ROI
January $30,509.33 $31,556.08 $35,665.67 807.8%
February $31,683.67 $32,773.17 $37,120.33 844.8%
March $32,858 $33,990.25 $38,575 881.8%
April $34,032.33 $35,207.33 $40,029.67 918.8%
May $35,206.67 $36,424.42 $41,484.33 955.8%
June $36,381 $37,641.50 $42,939 992.9%
July $37,555.33 $38,858.58 $44,393.67 1029.9%
August $38,729.67 $40,075.67 $45,848.33 1066.9%
September $39,904 $41,292.75 $47,303 1103.9%
October $41,078.33 $42,509.83 $48,757.67 1141%
November $42,252.67 $43,726.92 $50,212.33 1178%
December $43,427 $44,944 $51,667 1215%
All Time $36,968.17 $38,250.04 $43,666.33 1011.4%
Month Minimum Price Average Price Maximum Price Potential ROI
January $45,223.58 $46,801.42 $53,702.67 1266.8%
February $47,020.17 $48,658.83 $55,738.33 1318.6%
March $48,816.75 $50,516.25 $57,774 1370.5%
April $50,613.33 $52,373.67 $59,809.67 1422.3%
May $52,409.92 $54,231.08 $61,845.33 1474.1%
June $54,206.50 $56,088.50 $63,881 1525.9%
July $56,003.08 $57,945.92 $65,916.67 1577.7%
August $57,799.67 $59,803.33 $67,952.33 1629.5%
September $59,596.25 $61,660.75 $69,988 1681.3%
October $61,392.83 $63,518.17 $72,023.67 1733.1%
November $63,189.42 $65,375.58 $74,059.33 1784.9%
December $64,986 $67,233 $76,095 1836.8%
All Time $55,104.79 $57,017.21 $64,898.83 1551.8%
Month Minimum Price Average Price Maximum Price Potential ROI
January $67,566.42 $69,850.25 $79,275 1917.7%
February $70,146.83 $72,467.50 $82,455 1998.6%
March $72,727.25 $75,084.75 $85,635 2079.6%
April $75,307.67 $77,702 $88,815 2160.5%
May $77,888.08 $80,319.25 $91,995 2241.4%
June $80,468.50 $82,936.50 $95,175 2322.4%
July $83,048.92 $85,553.75 $98,355 2403.3%
August $85,629.33 $88,171 $101,535 2484.2%
September $88,209.75 $90,788.25 $104,715 2565.2%
October $90,790.17 $93,405.50 $107,895 2646.1%
November $93,370.58 $96,022.75 $111,075 2727.1%
December $95,951 $98,640 $114,255 2808%
All Time $81,758.71 $84,245.13 $96,765 2362.8%
Month Minimum Price Average Price Maximum Price Potential ROI
January $99,804.42 $102,598.17 $118,710.58 2921.4%
February $103,657.83 $106,556.33 $123,166.17 3034.8%
March $107,511.25 $110,514.50 $127,621.75 3148.2%
April $111,364.67 $114,472.67 $132,077.33 3261.6%
May $115,218.08 $118,430.83 $136,532.92 3375%
June $119,071.50 $122,389 $140,988.50 3488.4%
July $122,924.92 $126,347.17 $145,444.08 3601.8%
August $126,778.33 $130,305.33 $149,899.67 3715.2%
September $130,631.75 $134,263.50 $154,355.25 3828.6%
October $134,485.17 $138,221.67 $158,810.83 3942%
November $138,338.58 $142,179.83 $163,266.42 4055.4%
December $142,192 $146,138 $167,722 4168.8%
All Time $120,998.21 $124,368.08 $143,216.29 3545.1%
Month Minimum Price Average Price Maximum Price Potential ROI
January $147,757.42 $152,227 $173,839.08 4324.5%
February $153,322.83 $158,316 $179,956.17 4480.2%
March $158,888.25 $164,405 $186,073.25 4635.9%
April $164,453.67 $170,494 $192,190.33 4791.6%
May $170,019.08 $176,583 $198,307.42 4947.3%
June $175,584.50 $182,672 $204,424.50 5103%
July $181,149.92 $188,761 $210,541.58 5258.7%
August $186,715.33 $194,850 $216,658.67 5414.3%
September $192,280.75 $200,939 $222,775.75 5570%
October $197,846.17 $207,028 $228,892.83 5725.7%
November $203,411.58 $213,117 $235,009.92 5881.4%
December $208,977 $219,206 $241,127 6037.1%
All Time $178,367.21 $185,716.50 $207,483.04 5180.8%
Month Minimum Price Average Price Maximum Price Potential ROI
January $213,604.67 $224,442.67 $246,241.83 6167.3%
February $218,232.33 $229,679.33 $251,356.67 6297.5%
March $222,860 $234,916 $256,471.50 6427.7%
April $227,487.67 $240,152.67 $261,586.33 6557.8%
May $232,115.33 $245,389.33 $266,701.17 6688%
June $236,743 $250,626 $271,816 6818.2%
July $241,370.67 $255,862.67 $276,930.83 6948.4%
August $245,998.33 $261,099.33 $282,045.67 7078.6%
September $250,626 $266,336 $287,160.50 7208.7%
October $255,253.67 $271,572.67 $292,275.33 7338.9%
November $259,881.33 $276,809.33 $297,390.17 7469.1%
December $264,509 $282,046 $302,505 7599.3%
All Time $239,056.83 $253,244.33 $274,373.42 6883.3%

Between 2023 and 2050, Ethereum’s price will most likely follow the bullish outlook and aim for the six-digit territory. The lowest price point is $16,092.58, and the highest price of Ether is $145,915.83.

Ethereum Price Analysis: ETH Whales On Buying Spree

Ethereum price continues to display remarkable strength as Bitcoin crosses $100K. During this uptrend a massive amount of ETH has flown out of centralized exchanges. According to Santiment, nearly 300K tokens have left centralized platforms, leaving only 10.52 million ETH. During the same time, the supply held by non-exchange addresses has spiked from 45.06 million to 45.23 million, ie., nearly 220K ETH was accumulated by these entities. 

Both these events are signs that investors are gaining confidence and indicate that the future of ETH is bullish. 

ETH Supply on exchanges, Supply held by non-exchange addresses
ETH Supply on exchanges, Supply held by non-exchange addresses

A more precise indicator that shows whales are accumulating ETH is supply distribution by balance of addresses. This on-chain metric shows that between November 27 and December 5, addresses holding 10,000 to 100,000 ETH increased their holdings by 600K ETH from 24.24 million to 24.84 million.

ETH Supply Distribution
ETH Supply Distribution

These outlook shows that Ethereum price will hit $4,000 soon and target the next hurdle at $5,000.

Akash Girimath
Senior Cryptocurrency Analyst & Market Strategist Engineer-turned-analyst Akash Girimath delivers data-driven insights on cryptocurrency markets, DeFi, and blockchain technology for platforms like AMBCrypto and FXStreet. Specializing in technical analysis, on-chain analytics, and risk management, he empowers institutional investors and retail traders to navigate market volatility and regulatory shifts. A hands-on strategist, Akash merges active crypto portfolio management with research on Web3, NFTs, and tokenomics. At AMBCrypto, he led cross-functional teams to redesign content frameworks, achieving record-breaking traffic growth through scalable editorial strategies. His analyses dissect market sentiment, investment strategies, and price predictions, blending macroeconomic trends with real-world trading expertise. Known for mentoring analysts and optimizing workflows for high-impact reporting, Akash’s work is cited across global crypto publications, reaching 500k+ monthly readers. Follow his insights on YouTube, X, and LinkedIn for cutting-edge perspectives on decentralized ecosystems and crypto innovation.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Methodology

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This content is purely for educational purposes and should not be considered as financial advice. Do your own research before investing in any crypto platform and only invest the amount you can afford to lose.