Ethereum at a Crossroads: Technical Support Meets Whale Accumulation
#ETH
- Critical Support Test: ETH is testing a key technical support zone between its current price (~$2,971) and the lower Bollinger Band (~$2,795). Holding this area is paramount for any near-term bullish recovery.
- Divergent Whale Activity: The market is witnessing a split in institutional strategy—significant accumulation by some whales contrasts with strategic portfolio rebalancing by others, indicating a complex, non-uniform sentiment among large holders.
- Bullish Momentum Divergence: Despite the price being below its moving average, the strongly positive MACD histogram suggests building underlying buying pressure, which often precedes a price reversal if support holds.
ETH Price Prediction
Technical Analysis: ETH Shows Mixed Signals Near Key Support
As of December 23, 2025, ethereum (ETH) is trading at, presenting a complex technical picture. The price currently sits below its 20-day moving average (MA) of 3,052.48, indicating potential short-term bearish pressure. However, the MACD indicator tells a more nuanced story, with a positive histogram reading of 74.93 suggesting underlying bullish momentum is building despite the price dip.
From a Bollinger Bands perspective, ETH is trading closer to the lower band (2,794.76) than the middle (3,052.48) or upper band (3,310.20). 'This positioning NEAR the lower band often acts as a support zone in trending markets,' notes BTCC financial analyst William. 'A sustained hold above this level could signal a reversal, while a break below may accelerate selling.'
Market Sentiment: Whales Accumulate Amid Strategic Shifts
Recent on-chain activity reveals a fascinating divergence in institutional behavior. Major entities like BitMine have made significant bullish bets, accumulating over $128 million worth of ETH near perceived cycle lows. Conversely, Peter Thiel-backed ETHZilla has executed a sizable $74.5 million sell-off, shifting its treasury strategy toward real-world assets (RWAs).
'This isn't a simple bearish signal,' explains BTCC's William. 'It reflects a maturation of the market where large players are executing specific, divergent strategies rather than moving in unison. The concurrent whale accumulation by others, coupled with the growing tokenization narrative, provides a fundamental counterweight to the selling pressure.' The net sentiment, when layered over the technical setup, suggests a market finding equilibrium between fear and long-term conviction.
Factors Influencing ETH's Price
BitMine Doubles Down on Ether Near Cycle Lows With $88M Purchase
Tom Lee’s BitMine has deployed another $88 million into Ether, acquiring 29,462 ETH as the token lingers NEAR multi-year lows. The inflows—split between transfers from BitGo (18,454 ETH) and Kraken (11,008 ETH)—signal conviction in Ethereum’s long-term value despite its 40% decline from peak levels.
The firm now controls over 4 million ETH, representing more than 3% of circulating supply. This positions BitMine as one of the largest single holders of the asset, turning its treasury into a de facto ethereum reserve. Ether’s stagnant price action contrasts with the aggressive accumulation.
BitMine Amplifies Ethereum Position with $40M Accumulation Amid Bearish Sentiment
Ethereum holds above $3,000, masking underlying market unease. Analysts point to fading momentum, macro risks, and relentless selling pressure as catalysts for potential downside. The crypto Fear & Greed Index reflects extreme caution, with few traders betting on a durable rebound.
BitMine—a mining and investment firm tied to Fundstrat's Tom Lee—defies the gloom. Blockchain data reveals a $40 million Ethereum accumulation, signaling institutional conviction during retail retreat. The entity specializes in long-term blockchain infrastructure bets, blending mining operations with strategic crypto holdings.
This divergence echoes past cycle inflection points. While speculators retreat, patient capital builds positions. "Bear markets plant the seeds for bull runs," observes a veteran trader, noting similar accumulation patterns preceded 2019's breakout.
Peter Thiel-Backed ETHZilla Dumps $74.5M in ETH, Shifts Treasury Strategy
ETHZilla, a Nasdaq-listed company once known for its aggressive Ethereum holdings, has sold $74.5 million worth of ETH, signaling a departure from its crypto-centric treasury model. The firm offloaded 24,291 ETH at an average price of $3,068, using the proceeds to redeem senior secured convertible notes due in late December.
Post-sale, ETHZilla’s ETH holdings now stand at 69,800 tokens, valued at approximately $200 million. The company also discontinued its modified net asset value (mNAV) tracker, refocusing on core operations amid a stock downturn. This MOVE reflects broader institutional recalibration as crypto markets mature.
ETHZilla Shifts Focus to Real-World Assets, Sells 24,291 ETH to Redeem Debt
ETHZilla, formerly known as 180 Life Sciences, has sold 24,291 ETH worth approximately $74.5 million to redeem outstanding senior secured convertible notes. The Peter Thiel-backed company will use the proceeds to fund the redemption, with early repayments scheduled for December 24 and December 30.
The firm is discontinuing its mNAV dashboard but will continue providing periodic balance sheet updates to investors. ETHZilla, which transitioned to an Ethereum-based digital asset treasury less than six months ago, now holds 69,802 ETH valued at around $207 million.
This move follows the company's October liquidation of $40 million in Ethereum to fund a $250 million stock repurchase plan. In July, the firm raised $425 million through a PIPE deal with over 60 investors to support its transition into Ethereum-based assets.
Ethereum Whales Accumulate Amid Market Downturn as Tokenization Narrative Gains Steam
Ethereum's 9% annual decline to $3,033 belies a crucial divergence in investor behavior. While retail holders trim positions, wallets controlling 10,000+ ETH are aggressively accumulating - a pattern that historically precedes rallies. These sophisticated players specifically target weakness, avoiding FOMO-driven price spikes.
The accumulation coincides with Ethereum's emergence as the backbone of tokenization. Real-world asset pioneers increasingly view ETH's infrastructure as the logical foundation for what Tom Lee calls "a quadrillion-dollar market." The whale activity suggests institutional players are positioning for this paradigm shift.
How High Will ETH Price Go?
Based on the confluence of technical data and on-chain activity, a near-term price target for ETH is between 3,300 and 3,500 USDT. This forecast respects the technical resistance at the 20-day MA (3,052) and the upper Bollinger Band (~3,310), while acknowledging the bullish momentum hinted at by the MACD.
The path to this target is not linear and depends on key factors summarized below:
| Factor | Current State | Potential Price Impact |
|---|---|---|
| Technical Resistance | 20-Day MA at 3,052 USDT | Key level to break for bullish confirmation. |
| Whale Accumulation | Significant buying by entities like BitMine. | Provides underlying demand and limits downside. |
| Strategic Selling | ETHZilla's $74.5M sell-off for RWA shift. | Creates near-term supply overhang but is strategic, not panic-driven. |
| Market Narrative | Growing focus on tokenization. | Long-term fundamental bullish driver for Ethereum's utility. |
'The $2,970-$2,800 zone is critical support,' says William. 'If it holds, the setup favors a grind higher toward the $3,300 region as the bullish divergence between price and momentum (MACD) resolves. However, a failure of this support could see a retest of lower levels near $2,600.' The high-conviction accumulation by some whales suggests a belief that current prices are attractive for the long-term story, which may ultimately cap severe declines.
