Ethereum is showing renewed strength after days of intense selling pressure and widespread uncertainty in the crypto market. After a sharp decline below the $3,300 level, the bulls are now attempting to reclaim $3,600, with the next major target set at $4,000 – a level that could confirm a change in market dynamics if reached.
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Amid this recovery effort, key on-chain data highlights a surprising move from one of the most closely watched traders in the market – the so-called anti-CZ whale. This investor gained notoriety for shorting ASTER shortly after Changpeng Zhao (CZ) – the former CEO of Binance and one of the most influential figures in crypto – publicly mentioned his purchase. The whale’s timely sale proved highly profitable, cementing its reputation as both a contrarian and precise market player.
Today, this same whale turned bullish on Ethereum, opening a significant long position after shorting ETH last week. This decision demonstrates growing confidence in Ethereum’s recovery potential and could portend an upcoming market turnaround. As sentiment begins to stabilize and liquidity returns to major altcoins, Ethereum’s price action in the coming days will be crucial in determining whether this rebound turns into a sustained uptrend.
Anti-CZ whale turns bullish on Ethereum
According to new on-chain data shared by Lookonchain, the trader known as Anti-CZ Whale has once again demonstrated its precise market timing. After shorting Ethereum (ETH) during last week’s market correction, the whale has now turned bullish, taking a significant long position that reflects growing confidence in the asset’s recovery.
The data reveals that the whale currently holds 32,802 ETH, valued at approximately $119.6 million, with over $15 million in unrealized profits so far. This strategic pivot came shortly after Ethereum rebounded from its recent lows near $3,200, suggesting the trader was anticipating a relief bounce as selling pressure began to ease.
What makes this move even more significant is that the Anti-CZ Whale still maintains profitable short positions in other assets, including ASTER and PEPE. This indicates a selective and tactical approach rather than widespread market change. Its long ETH aligns with improving sentiment around Ethereum, while other shorts suggest caution towards more speculative altcoins.
Historically, the anti-CZ whale has gained a reputation for trading against major narratives, including its successful short sale on ASTER after Changpeng Zhao (CZ), the former CEO of Binance, tweeted about purchasing the token. Its latest move towards ETH could therefore signal that smart money is starting to return to high-conviction assets.
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ETH Price Analysis – Signs of a Short-Term Recovery
Ethereum price action on the 4-hour chart shows a notable recovery after last week’s sharp decline. After falling below $3,300, ETH found strong buying interest and has since rebounded towards the $3,600 region – a key near-term resistance level. The rebound coincides with an increase in trading volume, suggesting renewed confidence among bulls after several days of panic-induced selling.
The structure is now showing early signs of a potential trend reversal as Ethereum has formed a short-term lower trend with buyers defending the $3,350 to $3,400 support zone. If the momentum continues, the bulls’ next target is around $3,800, where previous breakdowns occurred. A clear breakout and close above this level would confirm a bullish continuation towards the $4,000 mark.
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However, ETH still faces challenges. The market as a whole remains fragile and the asset has not yet returned to its 200-period moving average, which currently acts as dynamic resistance. Failure to maintain momentum above $3,600 could lead to renewed selling pressure, potentially support near $3,250 again.
Featured image from ChatGPT, chart from TradingView.com
