Ethereum (ETH) climbed to roughly $2,630 on Friday, September 18, reaching its highest market value since January, as transaction activity among large holders accelerated during the advance. The move has drawn renewed attention from analysts who argue that the asset is positioning for a macro breakout toward the $10,000 level. Wallet counts and large-holder transaction data are among the on-chain metrics to gauge participation behind a price move, and their coinciding rise has drawn attention to the advance beyond the price alone.

Analysts Outline the Path Toward $10,000

Popular analyst Crypto Patel stated that Ethereum (ETH) is preparing for a major breakout, with $4,892 identified as the key resistance level. According to Patel, a sustained move above $4,892 could open the way toward the $10,000–$15,000 range as a higher-timeframe target. "The accumulation is done. Now comes the expansion," Patel said.

Popular analyst Trader Tardigrade reported that Ethereum price completed a breakout from a cup-and-handle pattern. The cup-and-handle is one of the most widely followed continuation formations in technical analysis. The analyst explained that a High Handle forms near the top of the cup, typically within the upper 10%–20% of the structure. According to the analyst, the pattern signals persistent buyer demand and limited selling pressure, and a breakout confirmed by a higher candle formation would be more pronounced, with bears eventually losing control during the consolidation phase. Based on the depth of the cup, the analyst estimates ETH could easily add another 1000 points from current levels.

Whale Activity Builds as Holder Base Hits Record

Ethereum's holder base has expanded alongside the price advance, with the network reaching a record 207.17 million non-empty wallets, according to a Santiment report. Wallet counts tally addresses holding a balance rather than unique individuals, so the record reflects how broadly ownership is spread across the network. The rise in price coincided with an increase in whale transactions, pointing to greater activity among large ETH holders as the cryptocurrency moved higher.

Staking remains a major source of long-term ETH demand, with more than 40 million ETH currently staked. Under Ethereum's proof-of-stake model, staked ETH is committed to the network's consensus mechanism in exchange for rewards, which is why the staked total is often read as a measure of longer-term commitment. Pooled staking allows smaller holders to participate without operating their own validators.

The same Santiment report notes that Ethereum's DeFi ecosystem continues to support network utility, with nearly $50 billion in total value locked across stablecoins, lending, decentralized exchanges, and liquid-staking markets.

U.S. Spot Ethereum ETFs End Three-Day Outflow Streak

U.S. spot Ethereum ETFs returned to positive flows on September 18, with Farside Investors reporting $143.7 million in combined net inflows during the session. The funds, which launched in July 2024, offer traditional investors regulated exposure to ether, and their daily net flows — the balance of creations versus redemptions — are widely tracked as a gauge of institutional demand.

BlackRock's ETHA led with $114.3 million, followed by Fidelity's FETH at $26.2 million. Bitwise's ETHW added $1.3 million, and VanEck's ETHV recorded $1.9 million.

The inflows ended three consecutive withdrawal sessions: Ethereum ETFs lost $142 million on September 15, $224.1 million on September 16, and another $39.3 million on September 17, producing $405.4 million in combined withdrawals. Friday's $143.7 million inflow recovered about 35% of that amount. Cumulative net inflows across the U.S. Ethereum ETF complex stood at roughly $13.28 billion through September 18.

The renewed inflows supported the improved short-term market backdrop, though they do not confirm that institutional demand will remain positive.

BNB Chain Extends Its Lead in Tokenized Equities

Separately, BNB Chain strengthened its position in tokenized equities as Binance Wallet added access to new pre-IPO campaigns. Tokenized equities are blockchain-based representations of company shares that can be held and transferred on-chain. The product lets eligible users obtain indirect exposure to private companies before potential public listings. The rollout came as tokenized-stock holders reached about 4.1 million across blockchains, with BNB Chain leading at roughly 1.7 million holders and about $1 billion in tokenized-stock market capitalization.

Key Levels in Focus

For Ethereum price, the nearer technical test remains maintaining the breakout above $2,600. Trader Tardigrade's cup-and-handle structure places roughly $3,600 in focus, while Patel's $4,892 resistance remains a higher hurdle before his larger $10,000 thesis becomes relevant.

This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency investments involve risk, and past performance does not guarantee future results. Readers should conduct their own research before making investment decisions.

Source: The Market Periodical