Ethereum is currently navigating a challenging situation as it contends with significant accumulation alongside a decline in token demand. As of this moment, ETH is trading at approximately $3,092, exhibiting minimal fluctuations in the past 24 hours. Upcoming analysis will delve into the potential performance of Ethereum in the first quarter of 2026. Recently, institutions have been increasingly adopting the ETH staking feature. For instance, SharpLink Gaming, recognized as the second-largest ETH treasury, has fully committed its resources.
In the past seven months, SBET has accumulated staking rewards amounting to 10,657 ETH, which is roughly valued at $33 million. Last week, the treasury saw an addition of 438 ETH, bringing the total to 864,840 ETH as of the latest update. SBET has restaked an impressive $170 million in ETH on the Linea network. Despite their engagement in ETH, which was generating returns, SBET’s stock was trading at $10, maintaining a decline since mid-July. These activities, when combined, present bullish updates for ETH.
On the liquidity front, Ethereum’s leveraged longs have reached nearly $7 billion, positioned at $2,730. The price surged beyond $3,000 as a result of this development. However, the absence of synchronization throughout the crypto market hindered ongoing price appreciation across the charts. On the bullish side, approximately $3 billion in Ethereum shorts were concentrated at the $3,400 mark. A touch at this level could initiate a short squeeze for ETH, potentially driving further price gains. Are whales preparing to accumulate, or is interest waning? Despite the bullish signals, the total transaction fees presented a contrasting viewpoint. The fees were remarkably low at press time, suggesting a lack of demand. Typically, inexpensive blockspace results in a lull within the network. Even with low fees, there has been a gradual shift in sentiment within the crypto market. Particularly since the beginning of the year. The quiet in the network might indicate one of two possibilities. It seems that either the whales were accumulating quietly, or there was a decline in interest surrounding Ethereum.
According to a source, a whale has initiated a substantial $62 million ETH position utilizing 3x leverage. The trade recorded a profit exceeding $29k at the time of this report. That was not the conclusion, however. A notable whale has made a significant move, placing a bet of $104.5 million in ETH while utilizing 15x leverage. This whale also held positions in Bitcoin, Solana, and Ripple. In the latest developments, Ethereum’s price action has successfully reversed a multi-month descending channel, signaling a shift towards bullish momentum. NekoZ reported that the target was established at $4,400, but the price must confirm the breakout by retesting the resistance as support. It’s important to note, though, that a breakout like this does not ensure price gains moving forward. Rather, it would suggest a possibility for expansion in the long run. Ethereum’s bullish indicators included SBET’s full commitment to ETH staking, significant short liquidity approaching, and notable whale activity. ETH’s price requires a definitive retest to determine the directional bias on the charts.