ETH Whale Moves, Support Test, and $10K Target Fuel Optimism

Ethereum has recently become a focal point of intense market scrutiny, driven by a confluence of significant on-chain activities and forward-looking institutional projections that have captured the attention of both retail traders and major financial players.

Market watchers have noted substantial transfers of Ether to Binance from Wintermute, a prominent market maker within the cryptocurrency ecosystem. These movements have fueled speculation regarding potential capital rotations or strategic positioning ahead of significant market developments. Concurrently, technical analysts are closely observing a critical support level that Ether is currently retesting. Adding to the bullish sentiment, Tom Lee of Fundstrat has reiterated his optimistic price target for Ether, forecasting a surge beyond $10,000 by the end of the year.

Whale Transfers and Exchange Activity

The influx of stablecoins into Binance preceding Wintermute’s significant Ether transfers has been a notable development. Transaction data reveals millions of dollars worth of Ether moved to the exchange in recent 24-hour periods, with individual transfers ranging from hundreds to thousands of ETH. Such coordinated activity, as observed by trader Merlijn, suggests deliberate market positioning rather than random occurrences, intensifying discussions about impending market shifts. Historically, large deposits to exchanges can precede liquidity provision for institutional trades or potential selling pressure. However, some analysts interpret these movements as preparatory steps for increased trading volume rather than simple divestment.

Critical Support Level Under Examination

Technically, Ethereum’s price action is centered on a crucial support line. Trader Lark Davis highlights that ETH is undergoing a second test of this key level, which has previously served as a significant multi-year resistance zone. Sustained price action above this threshold is considered vital for re-establishing upward momentum.

The MACD indicator remains below the zero line, a condition Davis suggests could precede a strong bullish signal upon crossing back above it. He emphasizes the importance for “bulls to defend this line” to validate the next upward trajectory for Ether.

Tom Lee’s Bullish Outlook for Ether

Beyond short-term market dynamics, Wall Street strategists are projecting more ambitious scenarios for Ethereum. Tom Lee, co-founder of Fundstrat and Chairman of BitMine, has characterized Ethereum as a “truly neutral chain” that is gaining favor among both institutional investors and policymakers in Washington.

Speaking at Korea Blockchain Week 2025, Lee indicated that the White House and Congress, under the current administration, are increasingly viewing Ethereum as foundational for future blockchain applications, including digital identity and tokenization frameworks for AI systems. Lee’s projection of Ether reaching between $10,000 and $12,000 by the close of 2025 is informed by anticipated institutional adoption and ETH’s relative strength against Bitcoin. Leveraging his Bitcoin price forecast of $200,000–$250,000, Lee suggests that historical correlations between the two major cryptocurrencies imply a robust recovery for Ether.

Institutional Positioning and Broader Market Context

Lee also pointed out that entities such as BitMine and MicroStrategy are solidifying their positions as significant holders of digital assets, capturing a substantial portion of institutional demand. He anticipates continued support for valuations from passive capital flows originating from index investments.

Simultaneously, Lee maintains a bullish stance on Bitcoin, citing seasonal strength in the fourth quarter and a potentially more accommodative monetary policy from the Federal Reserve as contributing factors. For Ethereum, however, the combination of technical resilience, significant whale movements, and compelling institutional narratives suggests that the coming quarter could be pivotal for the asset.