Ethereum Surge: Whale Activity & Key Levels to Watch for ETH Breakout

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• Ethereum has seen notable whale withdrawals and purchases, indicating strong confidence in its future price action.
  
• ETH remains trapped in a descending channel, and a breakout above $2,990 could trigger a sustained rally.
  
• Major whales are betting on Ethereum’s rise through leveraged long positions, potentially fueling price volatility.

Ethereum (ETH) has seen some volatility in recent weeks, marked by a significant price surge and strong whale interest. Despite being trapped within a broader bearish trend, the Ethereum market has shown signs of potential recovery. However, any sustained rally will depend on breaking through key resistance levels and maintaining bullish momentum.

Ethereum’s Whale Surge: A Strong Signal for Bullish Sentiment

Ethereum has attracted attention from major crypto whales recently, with some high-profile movements in the market. On November 21st, 2025, ETH saw a more than 9% price increase, which came after a prolonged downtrend that began in late October 2025. According to blockchain analytics platform Onchain Lens, one major whale (wallet address: 0x446) withdrew 10,026 ETH, valued at $29.16 million, from Binance after a year of dormancy. This withdrawal signals strong confidence in ETH’s future potential, as such large transactions are typically seen as long-term accumulation by holders.

Additionally, another whale with wallet address 0x93d made a $8 million purchase of 2,700 ETH from FalconX on November 25th. This flurry of activity highlights that institutional players are taking an interest in Ethereum, suggesting a potential shift in market sentiment.

The Role of Leveraged Positions in Ethereum’s Market Structure

While accumulation is a key factor in determining market sentiment, leveraged positions by whales are also influencing Ethereum’s price action. One whale, known as the Bitcoin OG, deposited 10 million USDC into Hyperliquid and opened a 15,000 ETH long position worth $44.3 million with 5x leverage. Such positions increase market pressure and can lead to dramatic price swings, reinforcing Ethereum’s current bullish outlook. Another whale, MachibigBrother, has also entered a leveraged long position on ETH, using 25x leverage.

These leveraged bets suggest that, despite the current bearish trend, there is still significant optimism among major players. However, traders and investors must carefully monitor key support and resistance levels to gauge the strength of the market.

Key Support and Resistance Levels for ETH

Ethereum’s price action remains constrained by a descending channel that has defined its movement since late October 2025. Currently, ETH is struggling to break above the upper boundary of this pattern, which would signal the beginning of a potential rally. If ETH fails to hold the critical support level at $2,720, further downward movement could be expected.

Also Read: Ethereum Faces Key Support Test: Can Whale Buying Save ETH?

Technical indicators, such as the Relative Strength Index (RSI) and Chaikin Money Flow (CMF), suggest that selling pressure is beginning to ease. However, the market is still in a precarious position, and any sharp moves in either direction could trigger significant volatility.

Ethereum’s price action remains in a wait-and-see position as key technical levels come into play. While whales are showing bullish sentiment through accumulation and leveraged long positions, the broader market trend remains bearish within a descending channel. A breakout above this channel could trigger a rally, but Ethereum must hold critical support levels and overcome resistance for any upward momentum to sustain.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.