Whale interest in Ethereum has surged following a more than 9% increase from its recent low of $2,623 on November 21, 2025. The price surge comes after a prolonged downtrend that ETH has experienced since October 27, 2025. Onchain Lens, a blockchain-based transaction tracker, has reported that a crypto whale identified by wallet address 0x446 has made a significant move by withdrawing 10,026 ETH, equivalent to $29.16 million, from Binance after a year of inactivity. A whale’s extended period of inactivity, succeeded by a sudden exit, suggests strong assurance in ETH. Such actions usually involve transferring assets from exchanges to personal wallets, often signaling accumulation in the crypto market. This activity is part of a broader movement. On November 25, 2025, a notable whale, identified by wallet address 0x93d, acquired 2,700 ETH valued at $8 million from FalconX.
Alongside accumulation, some large investors are taking on leveraged long positions, which strengthens Ethereum’s positive market structure. A transaction tracker on X has revealed that a Bitcoin veteran has deposited 10 million USDC into Hyperliquid. They subsequently opened a long position of 15,000 ETH, valued at $44.3 million, utilizing 5x leverage and establishing a liquidation level at $2,326.523. In a similar move, a notable whale identified as MachibigBrother made a deposit of 499.68K into Hyperliquid and initiated a leveraged long position on ETH, utilizing 25x leverage. The strategic moves made by experienced investors, along with the recent buildup, appear to be strengthening ETH’s overall market framework. Despite the presence of bullish whale activity, ETH has faced difficulties in building momentum, showing a decrease of 2.75% at the time of reporting, trading at $2,872.
Chart analysis reveals that Ethereum’s broader trend is still bearish, as the asset continues to navigate a descending channel defined by its upper and lower boundaries. This pattern has been continuing since October 27, 2025. Historically, whenever ETH’s price has reached the lower boundary of this pattern, it has consistently experienced an increase and moved toward the upper boundary. The recent 9% price surge has propelled the asset to its upper boundary, from which it has begun to decline today. Examining the present price movement, a rise for ETH depends on the asset successfully exiting the descending channel pattern; if it does not achieve this, it is anticipated to stay within the limits of this formation. However, a drop could occur if ETH fails to hold the $2,720 support level.
Currently, ETH’s Relative Strength Index stands at 35.24, situated above the Moving Average. This indicates that the selling pressure is diminishing, and momentum seems to be shifting toward buyers after remaining near the oversold area. In the latest analysis, the Chaikin Money Flow value has decreased to -0.13, indicating ongoing capital outflows from the market. This trend highlights the ongoing superiority of sellers compared to buyers. According to data, the critical liquidation levels for ETH are identified at 2,772.7 on the lower end and 2,990.5 on the upper end. These zones highlight areas where traders are heavily leveraged, indicating that a price movement in either direction could lead to a swift rally.