Ethereum Rises Above $3,200 on Shark Accumulation

• Ethereum price climbs above $3,200 on shark wallet accumulation.
• Wallets holding 1K-10K ETH drive price movement throughout 2025.
• Network growth hits 190K new addresses in single day.

Ethereum price surged close to 4% in the last 24 hours and reclaimed the $3,200 level for a brief period. Analytics firm Santiment identified strong accumulation from shark wallets as a potential driver behind the price movement.

Santiment reported that Ethereum climbed back to $3,215 on accumulation from shark wallets holding 1,000 to 10,000 ETH. These wallets have been key indicators for the cryptocurrency’s price action throughout 2025. The network also recorded 190,000 new wallet addresses in one day.

Shark wallet accumulation drives Ethereum price movement

Santiment data shows shark wallets have consistently influenced Ethereum price performance in 2025. These mid-tier holders control between 1,000 and 10,000 ETH per wallet.

The recent accumulation pattern from this cohort coincided with the 4% price increase. Ethereum price broke above the psychological $3,200 resistance level during this buying activity.

🦈📈 Ethereum has climbed back to $3,215 on strong accumulation from shark wallets holding 1K-10K $ETH. These wallets have been key alpha for the #2 coin’s price throughout 2025. Additionally, ETH’s network growth just hit 190K new wallets in one day.

🔗 https://t.co/QsvXwulg76 pic.twitter.com/NTR1tnvUtR

— Santiment (@santimentfeed) December 3, 2025

Network growth metrics also support the bullish price action. The 190,000 new addresses created in 24 hours is one of the highest single-day growth figures for the network.

Technical analysis points to strength

Analyst Michaël van de Poppe highlighted the Ethereum price movement relative to Bitcoin. “This is what I prefer to see; ETH moving up, while BTC goes up,” van de Poppe stated on X.

This is what I prefer to see; $ETH moving up, while $BTC goes up.

Very comparable to the price action mid 2019/early 2020.

I’d fancy to see a higher low being made here, and support to be found on the daily 20-MA.

It’s the first time since August that it’s acting above this… pic.twitter.com/JzEw9K8g1O

— Michaël van de Poppe (@CryptoMichNL) December 4, 2025

Van de Poppe compared the current price action to patterns seen in mid-2019 and early 2020. He stated he would like to see a higher low form with support at the daily 20-day moving average.

This is the first time since August that Ethereum price has traded above the 20-day moving average. Van de Poppe said this could signal strength for the asset.

RSI pattern suggests major Ethereum price rally ahead

Analyst Sykodelic identified a historical pattern in Ethereum’s daily Relative Strength Index that suggests a potential major rally. The analyst examined five years of RSI data showing consistent outcomes.

“In the last 5 years every single time the 1D RSI has gone from overbought, down to oversold, and then broken the trend… It has pumped a minimum of 45%,” Sykodelic stated.

A 45% gain from current levels would take Ethereum’s price to $4,300. Sykodelic noted this represents the minimum or worst-case scenario.

Sykodelic observed that only one of the five scenarios resulted in a double bottom after the trend break. The other four times marked the bottom.

Fusaka upgrade improves network capacity

The Ethereum Fusaka upgrade went live on December 4 at 05:49:11 Beijing time. The upgrade activated at slot 13,164,544 on the Ethereum mainnet.

Fusaka combines execution-layer changes (Osaka) with consensus-layer upgrades (Fulu). The upgrade introduces Peer Data Availability Sampling (PeerDAS) for Layer 2 scaling.

PeerDAS allows an eightfold increase in data throughput capacity for Layer 2 networks. Individual Ethereum nodes can now store only a fraction of blob data while maintaining verification capabilities.

Layer 2 blockchains currently send a maximum of 9 blobs per block to Ethereum for settlement. The first blob parameter optimization is scheduled for December 9, 2025. This will increase maximum blob capacity to 15 blobs per block.

A second upgrade on January 7 will increase capacity to 21 blobs per block. The upgrade also doubles the default block gas limit from approximately 45 million to 60 million. This improves Layer 1 throughput and could reduce fees for end users.

The Ethereum price responded positively to the technical upgrade implementation. The combination of shark wallet accumulation, network growth, and successful upgrade deployment created favorable conditions for the move above $3,200.