Ethereum has reclaimed the $3,150 level after a volatile period, offering a rare sign of strength in an otherwise uncertain market. The broader crypto landscape remains sharply divided: some analysts say ETH and the rest of the market still face further decline, potentially setting new local lows, while others believe this correction is simply a reset ahead of a much larger bull cycle, which could extend into 2026.
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Yet one signal clearly stands out among the noise: smart whales are unanimously long ETH. On-chain data shows that several of the most profitable and consistent whale traders – each with tens of millions in realized gains – have opened substantial long positions, collectively exceeding hundreds of millions of dollars. Their coordinated behavior indicates that Ethereum’s recent lows represent an opportunity rather than a danger.
This alignment among the top-performing whales introduces a compelling counterpoint to the bearish narratives. Although retail confidence remains fragile, the most savvy market players appear to be positioning themselves for greater progress. As Ethereum stabilizes above $3,150, the question now becomes whether the whale condemnation will prove early or correct.
The best performers are stocking up on Ethereum
According to Hyperdash data shared by Lookonchain, some of the market’s most successful and influential whales are aggressively accumulating Ethereum, sending a strong signal that high-conviction players expect upside to come.
One of the most notable is BitcoinOG, the trader widely credited with shorting the market during the violent 10/10 crash, a move that earned him great credibility. With a total realized PNL of $105 million, BitcoinOG is now firmly positioned on the bull side, holding 54,277 ETH worth approximately $169.48 million.
Another major player is the famous anti-CZ whale, named for its historical tendency to take the opposite side of positions favored by Binance founder Changpeng Zhao. With an impressive total of $58.8 million in PNL, this whale currently has a long position of 62,156 ETH, or a whopping $194 million position. Its trades have often been early indicators of the overall market direction, adding weight to this shift toward bullish exposure.
Finally, pension-usdt.eth, a consistently profitable whale address with $16.3 million in realized gains, is 20,000 ETH long valued at $62.5 million.
Taken together, these positions reflect a unified position among the most successful whales: despite market uncertainty, they are positioning themselves for Ethereum’s strength.
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Weekly structure shows first signs of stabilization
Ethereum’s weekly chart reveals a market attempting to regain its footing after a sharp multi-week decline from the $4,500 region. The recent recovery to $3,150 is a significant development, as this level closely aligns with previous mid-2024 weekly support and sits just above the 50-week moving average, an area that often serves as a trend-defining zone. ETH briefly fell below this region during the November sell-off, but buyers moved in aggressively, producing a strong weekly wick that signals demand at lower levels.
Despite this recovery attempt, ETH remains below key resistance levels. The 20- and 100-week moving averages are positioned above the current price and converging, creating a potential rejection zone unless momentum strengthens. For now, ETH is trading in a transitional structure: it is no longer following an aggressive downward trend, but is not yet showing a confirmed bullish reversal on high timeframes.
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Volume models also support this interpretation. Selling volume has declined from the capitulation phase, while recent green candles show moderate but steady buying interest, suggesting accumulation rather than completely risk-oriented behavior.
If ETH manages to establish consecutive weekly closes above $3,200-$3,300, the chart opens the door for a retest of the $3,600-$3,800 range. However, if the price fails to hold $3,150, it is likely to move towards support at $2,800.
Featured image from ChatGPT, chart from TradingView.com
