2025-12-9 03:00 |
Ethereum has reclaimed the $3,150 level after a volatile stretch, offering a rare sign of strength in an otherwise uncertain market. The broader crypto landscape remains sharply divided: some analysts argue that ETH and the rest of the market still face downward continuation, potentially setting new local lows, while others believe this correction is simply a reset before a much larger bull cycle—possibly extending into 2026.
Yet one signal stands out clearly amid the noise: smart whales are unanimously going long on ETH. On-chain data shows that several of the most profitable and consistent whale traders—each with tens of millions in realized gains—have opened substantial long positions, collectively exceeding hundreds of millions of dollars. Their coordinated behavior indicates confidence that Ethereum’s recent lows represent opportunity rather than danger.
This alignment among top-performing whales introduces a compelling counterpoint to bearish narratives. While retail sentiment remains fragile, the most sophisticated market participants appear to be positioning for a larger move ahead. As Ethereum stabilizes above $3,150, the question now becomes whether whale conviction will prove to be early—or correct.
Top Performers Load Up on EthereumAccording to Hyperdash data shared by Lookonchain, some of the most successful and influential whales in the market are aggressively accumulating Ethereum—sending a strong signal that high-conviction players expect upside ahead.
One of the most notable is BitcoinOG, the trader widely recognized for shorting the market during the violent 10/10 crash, a move that earned him significant credibility. With a total realized PNL of $105 million, BitcoinOG is now positioned firmly on the bullish side, holding 54,277 ETH worth approximately $169.48 million.
Another major player is the well-known Anti-CZ whale, named for his historical pattern of taking the opposite side of positions favored by Binance founder Changpeng Zhao. With an impressive $58.8 million in total PNL, this whale is currently long 62,156 ETH—a massive $194 million position. His trades have often been early indicators of broad market direction, adding weight to this shift toward bullish exposure.
Finally, pension-usdt.eth, a consistently profitable whale address with $16.3 million in realized gains, is long 20,000 ETH valued at $62.5 million.
Taken together, these positions reflect a unified stance among top-performing whales: despite market uncertainty, they are positioning for Ethereum strength.
Weekly Structure Shows Early Signs of StabilizationEthereum’s weekly chart reveals a market attempting to regain its footing after a sharp multi-week decline from the $4,500 region. The recent reclaim of $3,150 is a meaningful development, as this level aligns closely with prior weekly support from mid-2024 and sits just above the 50-week moving average—an area that often acts as a trend-defining zone. ETH briefly dipped below this region during the November selloff, but buyers stepped in aggressively, producing a strong weekly wick that signals demand at lower levels.
Despite this recovery attempt, ETH remains below key resistance levels. The 20-week and 100-week moving averages are positioned above the current price and converging, creating a zone of potential rejection unless momentum strengthens. For now, ETH is trading in a transitional structure: no longer trending downward aggressively, but not yet showing a confirmed bullish reversal on high timeframes.
Volume patterns also support this interpretation. Selling volume has diminished compared to the capitulation phase, while recent green candles show moderate but steady buying interest—suggesting accumulation rather than full risk-on behavior.
If ETH can establish consecutive weekly closes above $3,200–$3,300, the chart opens the door for a retest of the $3,600–$3,800 range. Failure to hold $3,150, however, risks another move toward $2,800 support.
Featured image from ChatGPT, chart from TradingView.com
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