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Ethereum is trading near critical technical and on-chain levels, with analysts tracking a large inverse head-and-shoulders pattern pointing to a possible move toward $4,955.90. The structure appears on the daily ETHUSD chart shared by analyst Donald Dean. Price action now sits between major volume shelves and long-term whale cost levels, placing Ethereum at a pivotal market zone where historical reversals have occurred.
The pattern shows a left shoulder near $2,450, a head close to $2,100, and a developing right shoulder above $2,300. ETH recently rebounded from a high-volume node around $2,260. Price is now advancing toward the $3,300 volume shelf, which has previously acted as an acceleration zone rather than a rejection area.
At the same time, on-chain data shows Ethereum trading near the realized price of whales holding at least 100,000 ETH. That level sits near $2,500. Over five years, ETH has never traded below this metric.
The inverse head-and-shoulders structure became clearer after ETH reclaimed the 0.236 Fibonacci level at $2,226.40. That move confirmed renewed demand at a zone where buyers previously defended the price.
Next, ETH advanced through the 0.5 Fibonacci retracement at $3,169.58. This move placed the price within the 0.618 retracement range at $3,591.15. This level remains a key technical hurdle.
Volume profile data shows dense trading activity between $3,200 and $3,350. This range aligns with the current consolidation zone. Historically, similar volume shelves have supported continuation moves once the price stabilizes. Price action is also compressing inside an ascending channel. Such formations often precede directional expansion once resistance levels give way.
Donald Dean’s projected target stands at $4,955.90. The target comes from the measured move of the inverse head-and-shoulders pattern. This projection aligns closely with prior cycle highs.
From the $3,400 region, the target implies a gain of about 46%. The previous peak near $4,800 sits slightly below the projection. That proximity places limited historical resistance in front of the target zone.
For confirmation, ETH would need sustained strength above $3,600. That level would signal acceptance beyond the 0.618 retracement and would confirm the neckline's strength. If the price maintains structure above the $3,300 volume shelf, technical conditions would remain intact. Failure to hold that zone would delay the projected move.
CryptoQuant data shows Ethereum trading close to the realized price of whales holding at least 100,000 ETH. ETH has reached this level only four times in the past five years. Two instances occurred during the 2022 bear market capitulation phase. At that time, selling pressure peaked as long-term confidence faced severe stress.
The other two instances occurred in 2025. This timing places the current market within a rare historical context tied to major cycle transitions.
Notably, ETH has never traded below the realized price of these whale cohorts. This level has consistently acted as a structural floor. Large holders have not sold below this cost basis.
The realized whale price sits near $2,500. ETH trading above this level keeps the long-term accumulation structure intact. What happens if Ethereum holds above the whale cost as it approaches the $3,600 neckline?
Also Read: Is Ethereum Starting a Trend Reversal After Price Retreat?
The Ethereum price is trading near the whale realized cost, while an inverse head-and-shoulders pattern targets $4,955.90. Price holds above key Fibonacci levels and volume shelves between $3,200 and $3,350. The setup remains valid as long as ETH stays above $2,260 and maintains structure toward $3,600.
