After a grueling bear market cycle that tested the resilience of Ethereum and its community,
fresh signals now suggest the blockchain giant could be gearing up for a monumental comeback in 2026.
Amid strengthening on-chain activity, a tightening supply landscape, and strategic accumulation from crypto whales,
analysts are drawing comparisons to the early 2023 recovery—just before Ethereum rocketed to near $5,000.
With investor psychology still scarred by previous drawdowns, the next leg up may catch many on the sidelines.
Whales Accumulate as Supply Thins: Is the Fuse Lit?
One of the clearest signals of upward momentum is what’s happening beneath the surface:
whales—entities holding massive quantities of ETH—have resumed sustained accumulation.
On-chain data shows wallets holding between 10 million and 100 million ETH have flipped from dormant to aggressive buyers,
while retail and mid-sized holders have pulled back.
In previous cycles, this exact dynamic preceded explosive upside.
Complementing this is the resurgence of large transaction volumes.
The number of daily transactions exceeding $100,000 has returned to levels not seen since late 2025.
ETH surpassed $4,900 the last time these volumes peaked—hinting that another price expansion
may already be quietly underway.
Technicals Signal a Breakout Brewing
From a technical standpoint, Ethereum’s price chart is coiling within a narrow band.
The $3,000 mark, reinforced both by psychological bias and multiyear trendline support,
remains the most critical level. Price has been repeatedly attempting to reclaim its
200-day exponential moving average—often considered the battleground for trend confirmation.
The longer ETH compresses between this dynamic resistance and its horizontal support,
the stronger the breakout could be. Historically, similar setups lead to high-volatility breakouts.
An upside breach of the 200-day EMA backed by volume could propel Ethereum toward its next resistance zones
around $3,827 and $4,218 respectively.
Shifting Market Structures Hint at a Larger Trend
Beyond charts and whales, Ethereum is evolving structurally.
Compared to previous cycles, the network boasts drastically improved fundamentals:
decentralized exchange volumes now rival, and in some cases exceed, centralized counterparts.
Simultaneously, ETH reserves on major exchanges have continued their multi-quarter decline—an unmistakable sign of long-term conviction.
Institutional Thirst Meets Supply Scarcity
Institutional capital also appears primed to re-engage.
Pending regulatory developments like the CLARITY Act, and increasing ETF access via legacy financial platforms,
are opening the gates for mainstream crypto adoption beyond Bitcoin.
Ethereum sits perfectly positioned in this next wave—where application-layer value and programmable capital take the spotlight.
According to Bitwise analysts, this mirrors the early 2023 “crypto coma”—
a period defined by apathy and low volatility that marked the end of a grueling downtrend.
If history echoes, the recent stagnation may in fact be a disguised accumulation phase before a vertical shift.
Will Ethereum Rewrite the ATH in 2026?
All signs suggest that Ethereum may be preparing to stage one of the strongest recoveries in its history.
From declining supply at exchanges, renewed whale appetite, and technical price compression,
to improving macro narratives — the pieces are aligning for a potentially parabolic move.
Whether it ultimately results in a new all-time high will depend on sustained momentum and
regulatory clarity, but the structure now resembles that of pre-2021 and early 2023 rallies.
Investors watching from the sidelines may want to revisit their convictions.
Often, the most powerful climbs begin in disbelief—and Ethereum may be approaching just such a moment.
