Ethereum To $5,200? Whale Demand and ETF Inflows Fuel New Forecast

Ethereum’s price trajectory has been impressive this year, climbing from around $1,400 in April to nearly $5,000. However, many are watching to see if the world’s second-largest cryptocurrency can break through a key resistance level near $5,200. 

CryptoQuant’s latest weekly report shows that whales, funds, and strong on-chain activity are playing a big role in shaping what happens next.

Whale Accumulation and ETF Demand Push ETH Holdings Higher

Recent data from CryptoQuant shows that institutional investors, whales, and heavy on-chain activities are shaping the next stage of ETH’s price trend. Ethereum investment fund holdings have surged, largely due to U.S. spot Exchange Traded Funds (ETFs). Total fund holdings now sit at 6.7 million ETH, which is almost double the amount recorded in April. 

Meanwhile, whales holding between 10,000 and 100,000 ETH added about 6 million ETH, bringing their total to a record 20.6 million ETH. 

This “smart money” accumulation means a large portion of demand is already locked in. Furthermore, Ethereum staking has also been on the rise. Total ETH staked now stands at roughly 36.2 million, up 2.5 million since May. 

More validators have reduced the token’s circulating supply, which helps stabilize the market. With so much ETH held by long-term investors, experts say there is less room for price to surge without fresh buying coming in.

On-Chain Activity Hits New Highs

Ethereum is not just moving in price; its blockchain network is being actively used. Daily transactions peaked at 1.7 million on August 16, and active addresses reached around 800,000 on August 5. 

Smart-contract calls also passed 12 million in a single day, marking another all-time high. This activity strengthens Ethereum’s core role as a settlement layer for decentralized finance (DeFi), stablecoins, and digital tokens. 

Higher on-chain use supports network fees and adds real-world value to ETH. If activity slows, price volatility often rises as the market reassesses demand. In contrast, ETH moving to exchanges has dropped sharply. Deposits fell from about 1.8 million ETH per day in mid-August to roughly 750,000 ETH per day in early September. 

Ethereum Faces Key Test at $5,200

In its latest report, CryptoQuant points to $5,200 as the key price level to watch. This is where ETH struggled to advance in 2020–2021 and again in early 2024. Currently trading around $4,400, Ethereum sits just below this threshold.

If ETH can break through $5,200, it will enter a zone where most holders are deeply in profit. At that point, further gains depend on whether new inflows exceed long-term selling. 

On the bullish side, some analysts have suggested that ETH’s price could reach $10,000. This is expected as many believe whale holdings, fund allocations, and staking will play a bigger role in determining Ethereum’s next price movement.