Is Ethereum’s $10K dream back in play? Here’s what you must know

Key takeaways

Why are whales piling into Ethereum?

Mega-whale wallets and big players like Bitmine are stacking ETH ahead of a potential breakout.

What could push ETH toward $10,000?

The Fusaka upgrade in December, combined with bullish technicals, may drive the rally.

Ethereum’s [ETH] been quiet lately… but not everyone’s buying the silence.

A whale just dropped nearly $100 million on a long bet, right as analysts eye a pattern that could be something big.

Add the upcoming Fusaka upgrade into the mix, and one wonders if the smart money players already circling before the crowd catches on.

Whales are back in the game

Glassnode data shows the count of “mega-whale” wallets has shot up sharply in recent weeks, reaching levels not seen since early 2021.

Source: Glassnode

For context, these aren’t casual investors; each address represents holdings worth tens of millions of dollars. This kind of whale accumulation has lined up with strong price rallies so far.

Big bets, bigger players

A massive $99.4 million long position has just been opened on Ethereum by one whale, proof of great confidence in a rally.

Source: X

At the same time, Bitmine has been stacking even more ETH, purchasing another 15,427 tokens worth $69 million. That brings its holdings to a staggering 2.17 million ETH, valued at nearly $10 billion.

Source: X

Moves like these aren’t random; those by players with deep pockets and insider information often signify something big.

All eyes on Fusaka…and $10K

Source: notes.ethereum.org

Ethereum developers have locked the 3rd of December for the Fusaka hard fork, which will bring 12 upgrades to boost scalability, security, and lower costs. J

ust weeks later, blob capacity is set to more than double, making layer-2s faster and transactions cheaper, with another increase planned for January 2026.

Source: X

Pair that with a strong technical setup and whales going all-in, and it’s easy to see why analysts are calling for $10,000 ETH this cycle. The question is whether Fusaka will be the catalyst that turns that forecast into reality.