Ethereum Price Prediction: Bitmine Splashes $113 Million for Increased Holdings, Fusaka Upgrade Approaches, ETH Aiming for $7000

Ethereum (ETH) has recently shown strong momentum, thanks to institutional funds, network upgrades, and active actions from whales. Bitmine recently made a massive purchase of $113 million, while Ethereum ETF recorded a net inflow of $379.9 million, pushing the total asset size to $27.66 billion. With optimistic sentiment surrounding the Fusaka upgrade set to activate on the Mainnet on December 3rd, market optimism is high, and analysts are closely following whether ETH can break the current consolidation range and make a push towards the $7000 target.

Whale's Massive Purchase: Institutional Funds Drive Ethereum's Rebound

Ethereum whales (accounts holding large amounts of ETH) have seen a sharp increase in trading activity following the massive purchase of $113 million at Bitmine, indicating that the accumulation trend is intensifying.

• Whale transactions surge: According to Santiment's data, on October 29, the number of Ethereum whale transactions worth over 1 million USD sharply increased, reaching one of the highest levels in three weeks.
• Strengthened Support: This institutional-level buying activity coincides with the ETH price rebounding to around $4000, indicating that institutional funds are strengthening support at this price level. If this accumulation trend by whales can continue, it will provide strong momentum for a faster rise in the price of Ethereum.

ETF capital inflow recovery and the upcoming Fusaka upgrade

In addition to whale activity, the fund flows of the Ethereum ETF also show strong buyer interest.

• ETF Strong Rebound: According to data from SoSoValue, this week the Ethereum ETF recorded a net inflow of 379.9 million USD, successfully reversing the outflow trend of the previous two weeks, bringing the total net assets of the Ethereum ETF to 27.66 billion USD.
• Fusaka upgrade: This capital recovery is in sync with the optimism surrounding the Fusaka upgrade. The upgrade is currently running on the Hoodi testnet, with mainnet activation scheduled for December 3.
• Network Efficiency Improvement: The Fusaka upgrade aims to enhance scalability, reduce Gas costs, and support parallel execution, all of which are key steps to improving Rollup efficiency and maintaining Ethereum's competitiveness in the next market cycle.

Technical Conditions for Sprinting to 7000 USD

As of the time of writing, the Ethereum price is trading in a tight consolidation range around $4000. Analyst MaxCrypto pointed out that the current structure is very similar to the structure before the price surge in May, but the momentum remains neutral (RSI is 47, CMF is -0.06).

(Source: X)

Breakthrough Key Point: To achieve a rise to 7000 USD, Ethereum must meet the following key technical conditions:

1. Breakthrough consolidation range: The price needs to be accompanied by a continuous increase in daily trading volume to effectively break through the current consolidation range.
2. Momentum Indicator Confirmation: The Chaikin Money Flow (CMF) needs to turn positive to confirm the strengthening of buying pressure.
3. Continuous inflow of funds: ETF inflows and Whale accumulation (such as purchases by Bitmine) must continue without decrease.

If ETH cannot break through the current range, it is likely to retest the support zone below, which would invalidate the steep rise prediction.

Conclusion

Ethereum is at a potential major breakthrough point. Significant inflows from institutional ETFs, aggressive accumulation by whales, and the upcoming Fusaka network upgrade are collectively building a strong bullish narrative. Although the technicals need to confirm the breakout and the accompanying trading volume to ensure the realization of the $7000 target, these fundamental signals undoubtedly provide Ethereum with a great possibility of making a leap before the end of the year.

Disclaimer: This article is news information and does not constitute any investment advice. The cryptocurrency market is highly volatile, and investors should make cautious decisions.