Ethereum dormant whale returns with $29M ETH withdrawal

Key Takeaways 

Is this a time to buy Ethereum ETH?

Whales have shown strong interest in Ethereum, making million-dollar acquisitions, and this comes after the asset experienced a prolonged downtrend.

When will the ETH bull run begin?

 ETH’s broader market trend is bearish, as it has been moving within a descending channel pattern. A confirmed breakout above this structure would be required to trigger a sustainable upward rally.

Whale interest in Ethereum [ETH] has spiked after the asset jumped more than 9% from its recent low of $2,623 on the 21st of November 2025.

The price surge comes after a prolonged downtrend that ETH has been experiencing since the 27th of October 2025.

Ethereum on whale’s radar

Blockchain-based transaction tracker Onchain Lens reported that a crypto whale with wallet address 0x446 has withdrawn 10,026 ETH worth $29.16 million from Binance after being dormant for one year.

A whale’s long dormancy followed by a sudden withdrawal signals strong confidence in ETH, as such moves usually involve transferring assets from exchanges to personal wallets, a common sign of accumulation in the crypto market.

This activity isn’t isolated. Another whale, with wallet address 0x93d, bought 2,700 ETH worth $8 million from FalconX on the 25th of November 2025.

Beyond accumulation, some whales are also taking leveraged long positions, reinforcing Ethereum’s bullish market structure.

A transaction tracker on X reported that the Bitcoin OG deposited 10 million USDC into Hyperliquid and opened a 15,000 ETH long position worth $44.3 million with 5x leverage, setting a liquidation level at $2,326.523.

Similarly, another whale known as MachibigBrother deposited 499.68K USDC into Hyperliquid and opened a leveraged long position on ETH with 25x leverage.

Price action and key levels to watch 

These leveraged bets by smart whales, along with the recent accumulation, appear to be strengthening ETH’s overall market structure.

Despite bullish whale activity, ETH has struggled to regain momentum, falling 2.75% at press time to trade at $2,872, according to TradingView.

AMBCrypto’s daily chart analysis further indicates that Ethereum’s broader trend remains bearish, with the asset continuing to move within a descending channel between its upper and lower boundaries.

This is a pattern that has persisted since the 27th of October 2025.

Source: TradingView

Historically, whenever ETH’s price has reached the lower boundary of this pattern, it has consistently experienced an uptick and moved toward the upper boundary.

This time, the recent 9% price jump already pushed ETH to the upper boundary, from where it has started to decline today.

Based on the current price action, an upward rally for ETH will only be possible if the asset breaks out of the descending channel pattern; otherwise, it is likely to continue hovering within the structure.

However, a downward move could occur if ETH fails to hold the $2,720 support level.

Technical analysis and over-leveraged levels

At the time of writing, ETH’s Relative Strength Index (RSI) stood at 35.24, above the Moving Average, which indicates that selling pressure is cooling off and momentum is starting to shift toward buyers after remaining near the oversold region.

Whereas, Chaikin Money Flow (CMF) value reached -0.13, indicating that the CMF was showing continued capital outflows from the market, reflecting that sellers are still dominating over buyers.

CoinGlass data shows ETH’s key liquidation levels at $2,772.7 on the lower end and $2,990.5 on the upper end. 

These zones mark where traders are heavily leveraged, meaning a price swing in either direction could spark a sharp rally.

Source: CoinGlass