Large crypto investors are positioning heavily into Ethereum (ETH) as the broader digital asset market shows early signs of stabilizing after a recent downturn.
To this end, on-chain data indicates that multiple high-performing Ethereum wallets, known to track smart institutional-level capital, have entered significant long positions, pointing to renewed confidence in the second-largest cryptocurrency.
Data shows that select whale wallets have collectively accumulated more than 136,000 ETH, with exposure exceeding half a billion dollars.
One large wallet now holds over $169 million worth of ETH in long positions, while another has added around $194 million, with a third wallet entering with more than $62 million, according to the latest on-chain data retrieved by Finbold from Lookonchain on December 8.
This renewed appetite aligns with a broader market recovery, with Ethereum supported by recent scalability upgrades aimed at lowering fees and boosting Layer-2 throughput. The asset has held above the key $3,000 level, underscoring resilience during recent market weakness.
Notably, whale accumulation signals expectations of medium-term price gains and confidence that the recent downturn has largely passed. Historically, when these positions hold, liquidity tends to follow, driven by retail and leveraged traders reacting to whale flows.
At the same time, easing macro pressure has further supported this trend, as lower rate expectations and improving liquidity sentiment bolster risk assets. ETH has remained in a stable trading range, with forecasts pointing to potential upside if momentum persists.
Risks of ETH price collapse
However, separate flows indicate potential supply risks ahead. In this case, BlackRock on December 8 deposited a combined 24,791 ETH, worth approximately $78.3 million, to Coinbase Prime, suggesting the assets are now positioned on an exchange where a sell execution is possible.
If Coinbase begins offloading that amount of ETH into the market, it would directly offset current accumulation trends and risk invalidating short-term bullish momentum, particularly with liquidity still recovering post-downturn.
Ethereum price analysis
By press time, Ethereum was trading at $3,140, having gained 3.5% in the past 24 hours, while on the weekly timeframe, ETH is up over 11%.
Now, the asset’s main task is to hold the $3,000 support, which currently acts as the ideal base to trigger a move toward the $3,500 resistance.
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