Ethereum ( $ETH) Whales Load Up as Price Holds Key SupportEthereum trades near $2,939 after a volatile month that flushed out weak hands and pulled price into long-term support. The market now watches whale behavior closely, because large wallets often position early before major trend shifts. A well-known Hyperliquid whale — famous for earning nearly $200M shorting the October crash — has now opened a $44.5M ETH long, gaining over $300K within the first hour. His timing historically matters, and many traders view this as a signal that smart money expects a reversal.
On-chain data strengthens this view. Wallets holding 10,000–100,000 ETH added 440,000 ETH in one week, aligning their cost basis with current prices. Meanwhile, mid-tier wallets continue to sell into strength. This creates a classic compression scenario: institutional-grade buyers accumulate while smaller players distribute. One group will break soon — and whales rarely fold first.
Institutional flows also support the bullish narrative. US spot-ETH ETFs recorded $96.67M in inflows, ending an eight-day outflow streak. The Coinbase Premium Index climbed from -0.12 to -0.02, showing improving US demand. With rate-cut expectations above 80%, the macro backdrop now leans favorable for risk assets like ETH.
Regulatory developments add another catalyst. US regulators approved banks to custody Ethereum, unlocking access for pension funds, insurers, and large financial institutions. Combined with the upcoming Fusaka Hard Fork on December 3, 2025, which boosts scalability and blob capacity, Ethereum enters a new phase of adoption.
Technically, ETH hovers at its long-term support zone. If $3,000 holds, targets sit at $3,450 and $3,800. A close below $2,900 opens a path toward $2,150–$2,200. For now, whale accumulation, ETF flows, and improving sentiment signal accumulation rather than fear.
