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Ethereum price is showing major strength, gaining another 7%, and leading the broader crypto market upside on December 10. On-chain data shows that sustained buying from shark and whale wallets supported this upside. On the other hand, inflows into spot Ether ETFs surged to $177 million yesterday, the highest level since October 28.
Ethereum Price Upside Comes With Whale Accumulation
Blockchain analytics firm Santiment noted that the ETH price upside is accompanied by strong whale accumulation. As per the firm, whales and sharks have accumulated approximately 934,240 ETH, worth around $3.15 billion.
In contrast, smaller retail holders have reduced their exposure, collectively offloading about 1,041 ETH in the past week. Santiment stated that the divergence between large-scale accumulation and retail selling signals rising confidence, as Ethereum price gains momentum.
Furthermore, major players are becoming even more bullish about the ETH price rally continuing. Lookonchain noted that a Bitcoin OG whale, identified as “1011short,” has significantly increased his Ethereum exposure during the recent market rally.
Instead of taking profits after the latest Ethereum price surge, the trader doubled down on his long position. The whale now controls 85,001 ETH, valued at approximately $280 million. On-chain data indicates that the position currently holds more than $16 million in unrealized gains.
Ethereum Price Eyes Another 50% Upside
Crypto analyst Javon Marks noted that ETH is showing renewed strength after forming a hidden bullish divergence pattern. This chart pattern often signals trend continuation ahead.
According to Marks, the current structure positions Ethereum price for a potential recovery of more than 50%. Thus, he expects ETH rally to continue up to $4,958.75. Marks added that a break of this level could open the door for a broader continuation phase, putting $8,500 and above “in play”.
Sharing the near-term outlook, analyst Ted Pillows stated that Ethereum price is attempting to break above a key resistance zone.
According to Pillows, a successful reclaim of the $3,300–$3,400 range could propel ETH toward the $3,700 level. However, he warned that a rejection at this resistance band may trigger downside pressure. This could once again push ETH to the lows of $3,100.
Crypto analyst Rekt Capital noted that historical CME gaps continue to function as dynamic support levels for Ethereum. According to him, the Ethereum price has shown clear price strength confirmation around this support region.
Rekt Capital added that a weekly close above the top of the CME gap, followed by a successful retest as new support, would lead to trend continuation. Such a development could confirm a sustained bullish trend for Ethereum in the future.
Ethereum ETF Inflows Shot Again
On Tuesday, December 9, net inflows increased to $177 million. Interestingly, the inflows happened across all the ETH issuers. Fidelity’s FETH recorded the highest inflows at $51.5 million, while Grayscale’s ETH stood second at $45.5 million, according to Farside Investors data.
BlackRock’s Ethereum exchange-traded fund, ETHA, posted net inflows of 10,581 ETH on the day, valued at approximately $32.93 million. The product also saw strong trading activity, with total daily volume reaching $1.5 billion.
