Ethereum (ETH) Sees Major Whale Accumulation – Will This Pattern Trigger An Upside Move?

Date: Tue, Dec 23, 2025 | 05:30 AM GMT

The broader crypto market has experienced choppy price action over the past several weeks, a phase that began after the sharp sell-off on October 10. That correction dragged Ethereum (ETH) down from sub-$4,700 levels to the $3,000 region, keeping traders cautious and overall risk appetite muted. Over the past 60 days alone, ETH has fallen by over 20%, reinforcing a short-term bearish narrative and shaking confidence across the market.

However, beneath the surface, the combination of growing whale activity and a shifting technical structure is beginning to hint that this extended downside phase may be laying the groundwork for a potential upside move rather than signaling further weakness.

Whale Accumulation Signals Quiet Confidence

Despite Ethereum’s recent underperformance, large holders appear to be accumulating rather than exiting. According to data shared by Lookonchain, Tom Lee’s Fundstrat-linked entity Bitmine reportedly acquired another 29,462 ETH, worth approximately $88.1 million, through BitGo and Kraken.

Such sizable purchases during periods of consolidation often suggest strategic positioning rather than short-term speculation.

Descending Channel Breakout Retest Takes Shape

From a technical perspective, Ethereum spent much of the past two months trading inside a clearly defined descending channel. This structure formed after ETH topped out near $4,758 in early December, with price printing a series of lower highs and lower lows, reflecting strong bearish control. That pressure ultimately pushed ETH down toward the $2,559 region, marking a local exhaustion point for sellers.

The structure shifted on December 9, when ETH broke decisively above the upper boundary of the descending channel around the $3,070 area. That breakout triggered a sharp relief rally, sending price higher toward the $3,447 zone, which acted as near-term resistance and capped the initial upside attempt.

Following this move, Ethereum entered a controlled pullback, returning to retest the former channel resistance near $2,774. Importantly, this level has so far acted as support rather than resistance as the price hovering above of it near $2,980, suggesting a classic breakout-and-retest behaviour.

What’s Next for ETH?

As long as Ethereum holds above the reclaimed descending channel boundary, the broader bullish structure remains intact. A sustained move back above the 50-day moving average near $3,103 would be a key confirmation signal, increasing the likelihood of another push toward the $3,447 resistance zone. Acceptance above that level would suggest momentum is shifting back in favor of buyers and that the recent pullback was corrective rather than the start of a new downtrend.

If bullish continuation unfolds, the measured move projection from the descending channel points toward a potential upside target around $4,220. Reaching that level would represent a recovery of roughly 41% from current prices and mark a meaningful medium-term trend reversal for Ethereum.

On the flip side, failure to hold above the $2,774 breakout support would weaken the bullish thesis. A sustained move back below the reclaimed channel could invalidate the breakout and reopen the door for renewed consolidation or a return to downside pressure. For now, however, the combination of whale accumulation and improving chart structure suggests Ethereum may be entering a critical decision zone that could shape its next major move.