Could Ethereum Hit $5,000? On-Chain Data Fuel Bullish Case

TLDR:

• Ethereum MVRV golden cross on August 19 preceded a 34% surge from $1,905 to $2,547 high.
• Whale wallets holding 10,000+ ETH rose 1.74%, with 17 new whale addresses joining in a week.
• Over 180,764 ETH ($440M) left exchanges in a week, signaling reduced near-term selling pressure.
• Clearing 2,722–2,970 resistance could open the path toward the $5,363 MVRV target zone.

Could Ethereum hit $5,000? Recent on-chain data suggests the possibility is gaining traction among analysts. Ethereum is trading at $2,450.31 as of writing, up 1.49% in 24 hours and 31.20% over the past week.

Source: Coingecko

A golden cross on Ethereum’s MVRV Ratio has fueled bullish projections, with some pointing to $5,363 as a potential upside target if key resistance breaks.

What The Data Says About A Path To $5,000

Ethereum’s MVRV Ratio crossed above its 160-day moving average on August 19, forming a golden cross pattern. Analyst Ali Charts noted that ETH has risen 34% since that signal appeared, climbing from $1,905 to a high of $2,547. Glassnode data supports the view that momentum remains intact.

Whale activity has picked up during this rally. Wallets holding more than 10,000 ETH increased by 1.74% over the past week, according to Santiment Intelligence.

Seventeen new whale addresses joined the network, suggesting larger holders are positioning for further gains rather than preparing to exit.

Exchange balances are also declining, a trend often tied to reduced selling pressure. Over 180,764 ETH, valued near $440 million, moved off exchanges in the past week.

Coins leaving exchanges typically head toward cold storage or staking, both of which reduce readily available supply.

If Ethereum clears its next resistance zone, the path toward $5,000 becomes more plausible. The 2.4 MVRV Pricing Band, currently near $5,363, represents the level analysts point to as the next major target should bullish conditions persist through the coming weeks.

Resistance Between $2,722 And $2,970 Remains The Key Test

Before Ethereum can approach $5,000, it must contend with a resistance band between $2,722 and $2,970. URPD data shows 16.70 million ETH were acquired within this range, forming what analysts call a significant supply wall for price to overcome.

A concentration of coins bought at similar levels often creates selling pressure as holders look to exit near their entry price. This makes the $2,722 to $2,970 zone a critical test for Ethereum’s broader upward trajectory in the weeks ahead.

Should Ethereum fail to break through, a pullback toward the Realized Price near $2,235 is considered a reasonable outcome. Analysts frame this scenario as a healthy retracement rather than a break in the current uptrend that began in mid-August.

For the $5,000 target to come into focus, Ethereum needs sustained buying to absorb the supply sitting between $2,722 and $2,970.

Whale accumulation and shrinking exchange reserves offer support, but resistance at these levels will determine whether momentum continues or stalls near current prices.

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