Ethereum has recently witnessed a notable resurgence in whale activity, with a dormant whale making headlines after withdrawing 10,026 ETH valued at approximately $29.16 million from Binance. This significant move comes after the whale, identified by the wallet address 0x446, had remained inactive for a year, indicating strong confidence in Ethereum”s future potential.
The current market dynamics reveal that following a prolonged downtrend since late October 2025, the price of ETH surged more than 9% from a recent low of $2,623 on November 21, 2025. This increase in value has drawn the attention of market participants, particularly large investors, or whales, who are showing renewed interest in accumulating ETH.
In addition to the major withdrawal, another whale with the wallet address 0x93d acquired 2,700 ETH for around $8 million from FalconX on November 25, 2025. Such activities suggest that these investors are not just holding but are actively positioning themselves in anticipation of a bullish trend.
Moreover, some whales are leveraging their positions, further reinforcing the bullish sentiment. A transaction tracker on X reported that a prominent Bitcoin investor deposited 10 million USDC into Hyperliquid and opened a long position of 15,000 ETH worth $44.3 million, utilizing 5x leverage. Another whale, known as MachibigBrother, also entered the market with a leveraged long position on ETH using 25x leverage.
Despite these bullish indicators from whale activities, the broader market trend for Ethereum remains bearish as it continues to trade within a descending channel pattern. Recent analysis suggests that a confirmed breakout above this descending structure is necessary to initiate a sustainable upward rally.
At the time of this report, Ethereum was trading at $2,872, having experienced a decline of 2.75%. Technical analysis indicates that ETH has been following a descending channel since late October, with historical patterns showing that price movements toward the lower boundary often result in upward corrections.
Currently, key price levels to monitor include the support level at $2,720. A failure to maintain this support could lead to further downward pressure. Conversely, should ETH manage to break above the upper boundary of the descending channel, it could pave the way for a more significant upward movement.
In terms of market indicators, Ethereum”s Relative Strength Index (RSI) is at 35.24, showing that selling pressure is easing, suggesting a potential shift toward buyer momentum. However, the Chaikin Money Flow (CMF) at -0.13 indicates ongoing capital outflows, highlighting that sellers still dominate the market.
With key liquidation levels identified at $2,772.7 on the lower end and $2,990.5 on the upper end, traders should be aware that price swings could trigger significant volatility in the near term. As whale accumulation continues, the next movements in the Ethereum market could be crucial for its future trajectory.
