Ethereum edged higher over the past 24 hours, rising 0.61% to trade at $2,943.35. The modest uptick comes as ETH outperforms both Bitcoin—which saw its dominance increase by 0.83%—and the broader cryptocurrency market, which posted a similar 0.83% gain. Behind the price movement lie three converging forces: concentrated buying by large holders, favorable technical indicators, and growing anticipation around the expansion of Ethereum exchange-traded funds (ETFs).
One of the strongest tailwinds for ETH has been the aggressive accumulation by whales throughout December. On-chain data reveals that large holders acquired more than 934,000 ETH—worth roughly $2.75 billion—with a single entity alone snapping up 138,000 ETH ($406 million) over just seven days. Institutional players have also played a pivotal role: SharpLink Gaming and BitMine together now hold 1.52 million ETH. This wave of buying has significantly reduced liquid supply, with exchange reserves down 21% since July. Historically, such accumulation phases at current price levels have preceded sharp rallies—most notably a 47% surge observed after a similar whale-driven buildup in August. Market participants are now watching for continued over-the-counter (OTC) deals and staking activity, with 30% of Ethereum’s total supply already locked in staking contracts.
From a technical perspective, Ethereum appears to be finding its footing after a prolonged downtrend. The asset recently bounced off its 200-day simple moving average, which currently sits near $3,586, and has formed a bullish MACD crossover with a histogram reading of +1.01. Meanwhile, the 14-day Relative Strength Index (RSI) has climbed to 45.12, exiting oversold territory and signaling potential strength ahead. Price action remains above a critical Fibonacci support level at $2,875, reinforcing a short-term accumulation zone between $2,800 and $3,000. However, immediate resistance looms at the 50-day exponential moving average ($3,033) and the 61.8% Fibonacci retracement level ($2,997). A decisive daily close above $3,083—the 50% Fibonacci mark—could unlock momentum toward the next target at $3,446.
Institutional interest continues to build through the ETF channel, despite regulatory ambiguity. Spot Ethereum ETFs recorded $2.85 billion in inflows last week, even as broader crypto markets experienced net outflows. Although the U.S. Securities and Exchange Commission (SEC) has delayed decisions on staking-related ETF applications until October 2025, confidence in the asset class remains high. BlackRock’s ETHA ETF alone has surged to $10 billion in assets under management, underscoring growing institutional conviction. With over 100 additional ETF filings expected by 2026, many institutions appear to be front-running the anticipated expansion of Ethereum-based investment products. Given Ethereum’s smaller market capitalization relative to Bitcoin, even moderate capital flows can exert a disproportionate impact on price.
Taken together, Ethereum’s recent uptick reflects a confluence of strategic whale positioning, technical bargain-hunting, and cautious optimism around institutional adoption. However, broader macro uncertainty continues to temper enthusiasm—evidenced by the Crypto Fear & Greed Index, which remains in “fear” territory at 29.
Looking ahead, market participants will closely monitor Ethereum’s ability to defend the $2,875 support level and maintain positive ETF inflows heading into January. A sustained breakout above $3,083 could accelerate upward momentum, while a failure to hold current support may invite a retest of December’s lows. For now, the groundwork appears to be laid for a potential rally—but only if sentiment and on-chain fundamentals align.
