Ethereum Price To $10K? Vitalik’s Bold Upgrade Sparks Whale Frenzy

Ethereum (ETH) price appeared to enter its most bullish phase since 2021, with several fundamental and technical indicators aligning. A proposed execution layer upgrade from co-founder Vitalik Buterin, strong whale accumulation, and supportive chart structure from Trader Tardigrade suggested a significant market shift.

ETH price gained 3.64% in 24 hours as its market capitalization approached $200 billion. These developments coincided with increased social attention and renewed institutional interest, creating a framework similar to the 2020-2021 breakout cycle.

RISC-V Architecture for Ethereum’s Execution Layer

Vitalik Buterin introduced a new proposal to improve Ethereum’s execution layer by adopting the RISC-V instruction set. The change, aimed to modernize the Ethereum Virtual Machine (EVM) for higher efficiency, modularity, and scalability.

RISC-V, being an open-source architecture, would simplify future upgrades while reducing operational complexity. Buterin stated that this shift could improve Ethereum’s execution efficiency and long-term adaptability.

The RISC-V model would allow the network to adopt a more standardized framework, enabling faster innovation and a stronger foundation for developer tools. Such improvements were deemed necessary as Ethereum faced growing competition from newer Layer-1 chains.

The RISC-V proposal marked a strategic evolution in Ethereum’s infrastructure roadmap. Developers viewed it as a move toward sustainability and performance gains, rather than short-term enhancements. This architectural rework underscored the network’s long-term commitment to staying ahead in decentralized applications and smart contract technology.

Whale Accumulation Signaled Institutional Confidence

On-chain activity showed a surge in high-volume Ethereum transactions, pointing to increased whale involvement. Data from LookOnChain highlighted multiple large ETH acquisitions over a short period. One whale withdrew 3,844 ETH, valued at $6.5 million, from Bitget and later acquired an additional 1,897 ETH worth $3 million.

Another significant wallet purchased 6,528 ETH in a single transaction, totaling $10.69 million. That wallet’s holdings reached over $10.83 million in ETH, further indicating concentrated accumulation. These actions occurred following Buterin’s upgrade announcement and Ethereum’s breakout above key technical levels.

Historical on-chain records showed that similar patterns of accumulation preceded Ethereum’s 2020 and 2021 rallies. While the timing varied in past cycles, the emergence of whale transactions often aligned with macro shifts and growing institutional interest. These transactions also occurred during periods of low volatility, increasing their market impact.

Ethereum Price Entered Mark-Up Phase

Crypto analyst Trader Tardigrade placed Ethereum price within a well-documented three-phase cycle. According to his chart, ETH price exited the recovery stage, known as Phase B, and moved into Phase C, or the Mark-Up Phase. This phase historically aligned with extended upward momentum in prior market cycles.

In 2020, Ethereum price followed a similar trajectory. After exiting Phase B, ETH price rose from under $300 to over $4,800 in roughly a year. Tardigrade’s latest analysis indicated that ETH price had broken through a long-term descending trendline and successfully retested it as support, signaling structural confirmation.

Consequently, his chart did not project specific price targets, but the overall market setup closely resembled Ethereum’s previous bullish period. The breakout, combined with fundamental updates, contributed to renewed investor attention. Ethereum’s consistency in following this cycle added credibility to the analysis.

Derivatives Data Confirmed Bullish Sentiment for Ethereum Price

Ethereum’s derivatives markets pointed to an increasing optimism among traders. Open interest went higher by 4.83% to reach $19.19 billion and simultaneously, the funding rate changed to positive. This shift suggested that longs were willing to pay a higher price for holding long positions, thus suggesting that the near-term outlook was bullish.

Long positions also increased during the same time to $55.83% of overall trades, raising the long/short ratio to 1.264. These metrics indicated a higher level of speculative activity and can be correlated with the rise noted in Ethereum prices in the spot market. Some of the traders based their trades on technical indicators and the others based on a proposal from Buterin.

Crypto analyst Ali Martinez noted a TD Sequential buy signal that took place across multiple timeframes. Interestingly, it is normally used in the determination of reversal zones or continuation zones.

Martinez’s recommendation contributed to growing interest in ETH’s latest bullish outlook and the strengthening of positions on the market.

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