TL;DR
- Ethereum sees a 52% increase in whale accumulation, with large investors acquiring more than 7.6 million ETH since late April.
- Spot order activity suggests potential trend reversals as whales absorb sell-side liquidity.
- Analysts highlight that maintaining $3,000–$3,400 as support could lead to a consolidation phase and possibly a bullish move toward $4,500–$4,800.
Ethereum has seen renewed attention from large investors as spot order activity surged in recent months. Whale accumulation and on-chain metrics indicate that ETH may be preparing for a period of consolidation and potential upward momentum.
Ethereum Spot Activity Reflects Strong Accumulation
On-chain data shows Ethereum whales have increased their holdings by over 7.6 million tokens since early Q2, a rise of more than 52%. Meanwhile, retail whales reduced holdings by roughly 16% during the same period, suggesting that larger investors are absorbing sell pressure. CryptoQuant analyst ShayanMarkets noted that higher-than-average spot volumes at $3,000 have historically marked trend reversals, signaling possible support for ETH’s current levels. At the time of writing, Ethereum trades at $3,576, down 1.1% over 24 hours and nearly 7% in the last 30 days.
Shawn Young, Chief Analyst at MEXC Research, highlighted the stability of the ETH/BTC ratio and a 25% surge in daily transactions from September levels. He also pointed out that the staked ETH discount after the October $19 billion market crash has contributed to market stability.
Fusaka Upgrade Drives Shift in Ethereum Whale Activity
The upcoming Fusaka upgrade, scheduled for December 3, is a key factor behind renewed whale activity. The update introduces dedicated data lanes for rollups, reducing node requirements and bandwidth while enhancing scalability. Analysts argue that these improvements could lower transaction fees and burn, making Layer 2 protocols cheaper to build on Ethereum.
Lia Yuen from Fisher8 Capital emphasized that this upgrade, combined with macroeconomic stability and regulatory clarity, may attract new market participants. She noted that if the $3,000–$3,400 region holds as support, Ethereum could enter a consolidation phase that sets the stage for a potential bullish impulse toward $4,500–$4,800.
Current Cycle Mirrors Previous Bottoms
CryptoQuant analyst ShayanMarkets believes Ethereum’s current accumulation pattern resembles prior bottoms where whales absorbed sell-side liquidity.
Ethereum’s recent whale accumulation, supported by the Fusaka upgrade and improving macro conditions, signals strengthened market confidence. Maintaining key support levels could allow ETH to consolidate and potentially resume its bullish trajectory toward higher price targets, reflecting a period of strategic accumulation by large investors.
