Ethereum’s months-long slide may finally be approaching a turning point. After tumbling from record highs and testing critical support levels, the world’s leading smart contract network is showing early signs of recovery — this time with heavyweight investors quietly rebuilding their positions.
- Large holders have accumulated 7.6 million ETH since April, a 52% increase.
- Fusaka upgrade on December 3 aims to improve scalability and reduce transaction costs.
- Resistance near $3,727 remains critical for confirming a short-term reversal.
- Whales’ renewed confidence and macro stability suggest a possible market floor.
Behind the scenes, whales are scooping up ETH at prices not seen since spring. And with December’s Fusaka upgrade promising faster, cheaper transactions, analysts say the stage may be set for Ethereum’s next structural shift.
After the Highs, a Harsh Reality
Ethereum’s euphoric run in mid-2025 ended abruptly when markets cracked in October, dragging the token down to the $3,000 zone. The drop erased much of the summer’s gains and reminded investors that crypto bull runs rarely move in straight lines.
Technical analysts now describe Ethereum as caught between exhaustion and renewal. MakroVision data shows ETH defending its mid-range Fibonacci level near $3,175, but momentum remains soft. The key test lies just ahead: breaking $3,727. A push above it, they say, could transform the current grind into a sustained recovery, with eyes on the $3,965–$4,290 corridor next.
📊 #Ethereum Chart Update
ETH hat sich nach dem letzten Rücksetzer stabilisiert und eine erste Erholung in Richtung der unteren roten Trendlinie gestartet.
Der Kurs befindet sich aktuell exakt am Trendlinien-Widerstand, wo sich entscheidet, ob eine kurzfristige Trendwende… pic.twitter.com/VEFJL0Imic— MakroVision Research (@MakroVisionDE) November 10, 2025
Big Money Steps Back In
While the broader market frets over short-term volatility, Ethereum’s on-chain footprint tells another story. Large wallets — the so-called whales controlling between 10,000 and 100,000 ETH — have accumulated roughly 7.6 million coins since April, a 52% surge, according to CryptoQuant.
This shift, says Shawn Young of MEXC Research, mirrors the same quiet accumulation that marked Ethereum’s last major bottom. “The footprints are familiar — deep liquidity absorption, falling retail activity, and whales buying weakness,” he explained. “That’s how long-term floors form.”
At the same time, retail investors appear to be exiting. Wallets with smaller balances have reduced exposure by roughly 16%, suggesting the usual late-stage capitulation before new money enters.
Signs of Structural Resilience
Despite the price retreat, Ethereum’s core activity is improving. Daily transactions are up more than 25% from September, while the ETH/BTC ratio — often seen as a strength gauge — has stabilized at multi-month lows.
Lai Yuen, investment analyst at Fisher8 Capital, believes the macro backdrop could provide a much-needed boost. “With the U.S. shutdown resolution in sight and global liquidity improving, crypto markets are breathing again,” she said. “If that continues, Ethereum’s $3,200 range could hold as a strong accumulation zone.”
Yuen also pointed to rising interest in tokenized assets and pending U.S. legislation as potential catalysts for Ethereum’s next growth wave.
The Fusaka Upgrade: Ethereum’s December Milestone
The most tangible reason for optimism, however, lies in the network’s upcoming Fusaka upgrade, scheduled for December 3. The update aims to overhaul data efficiency by introducing dedicated rollup lanes, enabling faster and cheaper Layer-2 transactions.
“It’s not about hype — it’s about infrastructure,” said Young. “Fusaka makes Ethereum more scalable, more affordable, and more accessible for real-world applications.”
The upgrade also brings Peer Data Availability Sampling, allowing nodes to handle smaller fragments of data instead of entire blocks. That change could lower hardware requirements, encouraging more participation and improving decentralization.
However, the improvements may come with trade-offs. Lower fees could mean reduced ETH burn, softening Ethereum’s deflationary pressure — though most analysts see this as a healthy rebalancing rather than a drawback.
The Bigger Picture
Ethereum’s market story now blends technical resilience with fundamental anticipation. Whales are returning, transaction activity is rising, and an upgrade capable of reshaping the network’s cost structure is only weeks away.
If ETH can hold its footing above $3,000 and regain momentum through $3,727, analysts say the token could move into a new accumulation cycle that precedes the next major rally phase.
Ethereum trades near $3,560, down slightly on the day — but beneath the surface, the network’s ecosystem and investor sentiment appear to be rebuilding quietly, one block at a time.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/ethereum-news-whales-return-ahead-of-major-december-upgrade/