Ethereum (ETH) Price: Climbs Higher as Whales Accumulate 6.4M Tokens

TLDR

• Ethereum price trades at $3,179 within a structured accumulation zone between $3,000-$3,100, showing clear institutional and whale activity at key support levels.
• Spot ETH ETF inflows reached $57.6 million on Wednesday, with BlackRock contributing $56.5 million during the corrective phase, strengthening institutional confidence.
• Whale clusters hold 2.8 million ETH tokens near $3,150 and 3.6 million tokens near $2,800, creating strong support layers that reduce downside pressure.
• Net taker volume improved from negative $500 million in October to negative $138 million, indicating aggressive sellers are weakening while buyers slowly return.
• ETH price tested the $3,100-$3,180 demand zone after rejection from $3,650, with a potential rebound toward $3,900 or retest of $3,000 depending on support holds.

Ethereum price continues to trade within a defined accumulation structure as institutional interest builds around key support levels. The asset currently sits at $3,179, positioned between critical decision zones that will determine the next directional move.

The market has transitioned from a clear downtrend into what analysts identify as a Wyckoff accumulation cycle. The initial selling pressure peaked at $3,100, creating the upper boundary of the current range. A selling climax formed near $2,680, marking the deepest discount zone where buyers stepped in aggressively.

Following this low, an automatic rally pushed the price toward $3,097, representing a 15% increase. A secondary test around $2,700 confirmed demand at lower levels and reinforced the accumulation pattern. These price points now frame the inner structure of the cycle, with the $3,000-$3,100 area serving as the central zone of control.

A liquidity grab occurred near $3,471 before the price retreated back into the range. This type of false breakout often precedes larger expansions as it allows institutions to reset positions. The current setup presents two possible paths forward.

In the first scenario, Ethereum price rebounds from the $3,000-$3,100 region and targets $4,000. The alternative involves a deeper retest toward $2,600, which would complete a spring phase before entering a markup period. Both outcomes point toward an eventual move to $4,000, with timing being the main variable.

ETF Activity Builds Support

Wednesday’s ETF flows brought $57.6 million in net inflows across multiple issuers. BlackRock alone added $56.5 million during the corrective phase, demonstrating strong conviction at current price levels.

The inflows strengthen support within the accumulation range because new ETF share creation requires physical ETH purchases. Regular inflows reduce available supply on exchanges and limit downside pressure when sellers attempt sharp moves. This absorption effect increases the strength of key support zones.

Total spot ETH ETF assets have risen from $16.8 billion to $21.5 billion since November 21, marking a 28% increase. While this recovery shows improving demand heading into year-end, it remains below the $32 billion peak reached in early October.

Whale Positioning Reinforces Floors

On-chain data from Glassnode reveals two large whale clusters anchoring critical support zones. The first cluster holds 2.8 million tokens near $3,150, while the second accumulates 3.6 million tokens near $2,800.

These positions indicate deliberate buying from large holders who view these levels as value zones rather than speculative entries. Their presence strengthens the reaction points since whales typically defend areas where they have concentrated holdings.

Ethereum price now trades between both clusters, which elevates the importance of the $3,000-$3,100 band as the primary decision zone. This alignment connects technical structure with concrete on-chain positioning.

Net taker volume data from CryptoQuant shows improvement from negative $500 million in October to negative $138 million currently. While still negative, the trend suggests aggressive sellers are losing dominance as buyers gradually return. The 30-day moving average of net taker volume displays an ascending pattern in its lows, similar to early 2025 before ETH launched a rally.

Ether currently tests the $3,100-$3,180 order block on the four-hour chart. The asset continues to respect its ascending channel, though momentum has cooled. A break above $3,450 would invalidate the recent rejection and reopen the path toward $3,900 resistance. A breakdown below channel support would expose $3,000 as the next key test.

Derivatives data shows aggregated open interest has unwound slightly following the rejection from $3,650. The funding rate remains mildly positive but not stretched, while the bid-ask ratio stays close to neutral.

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