Ethereum climbed back above $3,370 on 9 December, supported by data showing heavy accumulation from larger holders during the recent market pullback.
According to Santiment, wallets holding 100–100,000 ETH added approximately 934,240 ETH in the past three weeks—one of the strongest accumulation phases since early 2024.
This buying coincided with retail wallets offloading small amounts, indicating a divergence in positioning between “smart money” and small traders.
Historically, similar setups have preceded medium-term price rebounds during previous Ethereum cycles.
Retail is selling while large holders step in
Wallets with less than 0.1 ETH have dumped around 1,041 ETH over the past week, a fraction of the volume accumulated by larger entities.
Source: Santiment
The imbalance highlights two contrasting behaviors: whales are positioning into weakness, while smaller wallets appear more reactive to downside volatility.
The pattern aligns with prior market phases where long-horizon holders accumulated during consolidation, while retail investors exited, often marking local bottom structures rather than the continuation of selling pressure.
Ethereum price breaks out of short-term consolidation
At press time, ETH is trading around $3,373, gaining nearly 8% in the past 24 hours. The move breaks a short-term consolidation range that held through late November and early December.
On the daily timeframe, RSI has pushed toward 60, indicating improving bullish momentum without entering overbought territory.
Source: TradingView
If Ethereum holds above the $3,300 zone, this level may flip into near-term support. The next resistance area appears around $3,500, followed by the $3,700 region where sellers previously emerged.
On-chain positioning supports bullish bias
Santiment’s whale data helps explain the latest recovery. Larger holders historically accumulate during periods of price weakness and distribute near cyclical highs. Retail investors tend to react later and often exit positions near local bottoms.
With whales adding nearly a million ETH while price was trading near multi-month lows, broader positioning continues to lean constructive.
While retail outflows remain small in dollar terms, the directional shift underscores increasing confidence from entities more closely aligned with long-term structural flows.
Final Thoughts
- Whale accumulation and retail selling form a bullish divergence.
- Sustained accumulation could support further upside toward the $3,500–$3,700 region.
