Good news for Ethereum bulls as we head into a new week. After a nail-biting few days, the ETH price could be poised for a breakout, as institutional whales continue to scoop up coins and the technicals flash bullish.
According to altcoin trader and technical analyst Ash Crypto, the ETH price is now following the 5 waves price action.
He points out that the corrective waves appear to be complete, and ETH could be coiling up for an “impulsive wave 5.” This, according to his analysis, could push the ETH price toward the $7K–$8K range.
BitMine Goes All in (Again)
BitMine Immersion Technologies has become Ethereum’s largest corporate whale, and its latest moves reinforce that role.
This week, BitMine quietly acquired another 104,336 ETH (about $417 million worth) via seven coordinated transactions tracked by Lookonchain from wallets tied to Kraken and BitGo.
That addition brings BitMine’s stash to roughly 3.03 million ETH, or about 2.5% of Ethereum’s total supply, valued at over $12 billion.
BitMine’s chairman, Tom Lee, also known for his Fundstrat tenure, has framed these buys as strategic rather than speculative.
He believes that Ethereum is entering “real price discovery,” reaffirming that his target sits between $10,000 and $12,000 by the end of 2025.
His thesis blends macro and technological tailwinds: a likely Federal Reserve rate cut cycle, expanding tokenized financial infrastructure, and solid Ethereum fundamentals.
Arthur Hayes Still Unwaveringly Bullish
Arthur Hayes, the former BitMEX CEO and perennial macro provocateur, stands shoulder-to-shoulder with Lee in his bullishness.
Hayes gave his $10,000 ETH target once again during an October Bankless podcast appearance. In his larger-than-life fashion, he reiterated that the market’s recent chop was nothing more than background noise in a larger structural uptrend.
As he put it, Ethereum is evolving into a decentralized version of Nvidia or AWS, the computational backbone for AI, DeFi, and tokenized settlement.
He previously suggested the ETH price could go even higher, perhaps to $20,000, before the current cycle closes.
Elliott Wave Structure Hints at a Fifth-Wave Breakout
Price action, meanwhile, has developed neatly along Elliott Wave logic. Ash Crypto tracking the pattern, notes that corrective waves (2) and (4) appear complete, with identical retracement structures hinting at the onset of impulsive wave five (typically the final and often most aggressive leg of an advance).
According to technical projections, this setup could push ETH into the $7,000–$8,000 range if momentum holds and macro catalysts align.
Short-term wave counts from September show Ethereum completing its C-wave correction between $3,550 and $4,000, precisely where support has since stabilized.
With resistance near $4,750 to $5,000 already retested multiple times, a decisive breakout above that zone could confirm wave five and open the door to new all-time highs before year-end.
Fundamental Tailwinds: Upgrades, ETFs, and Adoption
On top of the desirable technical setup, Ethereum’s fundamentals are strong. The upcoming Fusaka upgrade, scheduled for December, is expected to significantly boost transaction throughput and efficiency.
This is a change that analysts say could drive prices toward $7,000–$9,300 if successfully deployed. Meanwhile, ETF inflows and institutional custodianship continue to expand Ethereum’s market base.
Even amid mild outflows earlier in the month, Ethereum has traded with remarkable structural strength, maintaining its uptrend and holding above key Fibonacci zones.
BitMine’s buying spree seems to embody institutional conviction, including recent tranches of 202,000 and 379,000 ETH during market dips.
Outlook for ETH Price
With the ETH price around $4,000 at the time of writing, a push toward $7,000 would represent a 70% jump, not unreasonable given past rally magnitudes.
The confluence of corporate accumulation, clear regulatory direction under the Trump administration, and the completion of corrective technical structures places Ethereum in one of its strongest technical positions since the 2020 pre-merge rally.
If this Elliott Wave sequence holds, the next move may not just be another leg up; it could mark the transition into Ethereum’s longest, most significant price discovery phase yet.
