Ethereum Price News: Historical Signal Points ETH to $7,000 by 2028

Ethereum (ETH) has lost a third of its value since 2026 started, even though network usage has increased to new records.

At the time of writing, ETH is trading below $2,000 as market sentiment remains heavily depressed.

However, both transactions and weekly active users have been progressively climbing ever since the token dipped below $3,000.

Ethereum Transaction Volumes and Active Users Spike to Records

In 2026 alone, weekly transactions rose from 12.2 million to a peak of 17.1 million TXs processed during the week ended on February 1. This implies a 40% jump in transaction volumes even though ETH has lost a significant portion of its value.

Ethereum Transaction Volumes & Active Users – Source: Artemis

Increased adoption of Ethereum as the native blockchain for real-world assets (RWAs) could be contributing to ramping up the network’s usage.

Similarly, weekly active users rose from 597,000 at the beginning of the year to a peak of 954,000.

This also indicates increased interest in ETH by investors.

Whales Have Bought 14M ETH Since November 2025

Whales significant interest in ETH below $3,000 confirms this view, as on-chain data from Santiment shows that large wallets have been piling into the token since it broke this psychological threshold.

Supply Held by ETH Whales – Source: Santiment

According to the crypto analytics firm, ETH whales have bought nearly 14 million ETH since November 22, 2025.

Back then, the price of ETH dipped to $2,800. Although whale holdings declined right after this strong drop, the decline also triggered the beginning of a steady accumulation phase that has pushed the total supply held by whales to 114 million tokens.

This accumulation happened alongside the spike in transaction volumes we have seen lately. Is this a coincidence?

Whales could be getting ready for an explosive move as Ethereum’s usage increases dramatically.

Weekly Chart Suggests Local Bottom at $2,000

Ethereum’s weekly chart could be anticipating a bullish move ahead as the price just hit a long-dated trend line support that has preceded strong recoveries for the top altcoin.

We have been tracking the price action after a break below the 100-week exponential moving average (EMA).

ETH/USD Weekly Chart – Source: TradingView

The last three times ETH has bottomed after breaking below this key line, the token has delivered average gains of 300% over the following 6 to 24 months.

If ETH’s trend line support holds, paired with the on-chain signals discussed above, we could be close to hitting a short-term bottom.

Hence, this might be an attractive opportunity to buy if historical patterns repeat and ETH rises by 340% over the next couple of years, which would mean a price target of $7,000.

This is a realistic price level considering that network usage is at an all-time high and institutional adoption is accelerating.

Meanwhile, the weekly Relative Strength Index (RSI) is also at a very low level, which increases the odds of a trend reversal significantly as the selling spree may have gone too far already.