Ethereum: They’re betting on a $3,200 bottom… what if now is the time?
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The cryptocurrency market is at half-mast, and not even Ethereum, the second largest cryptocurrency in the world, is immune. For several weeks now, ETH has been teetering below $3,600 amid a sea of macroeconomic and regulatory uncertainty. However, a discreet but strong signal emerges: the big-bits are becoming active. While the small carriers sell, the whales line their pockets. And the Fusaka update due in December seems to be the catalyst.
In short
- Wallets with 10,000 ETH or more recently increased their holdings by 52%.
- Small carriers are reducing their exposure as whales pile in at low prices.
- The Fusaka update could increase scalability while reducing network costs.
- Macro stability favors a possible local bottom around $3,200 for Ethereum.
When the Big Wallets Play the Game: Discrete Accumulation to Return ETH
Since the end of April, addresses with 10,000 to 100,000 ETH have accumulated nearly 7.6 million additional tokens, a 52% increase in their balance. These “whales”, often heralding major movements in the crypto market, seem to be anticipating a reversal.
CryptoQuant analyst ShayanMarkets confirms this trend:
If this behavior continues and the $3,000-$3,400 area holds as structural support, Ethereum could enter a low-volatility accumulation phase, creating a possible final upside push towards the $4,500-$4,800 high range.
At the same time, retail wallets (100-1000 ETH) reduced their positions by 16%. This quiet transfer into big hands marks the end of bearish cycles. Other cryptocurrencies such as Bitcoin are following the same trajectory, but Ethereum is attracting particular attention. Its relative stability against BTC, combined with a resurgence in transactions since September, reinforces the idea of a solid base around $3,200.
Crypto and Ethereum: Fusaka, an update that can shake everything up
On December 3, Ethereum activates the Fusaka update. This technical move provides several improvements for the Ethereum ecosystem, including the famous “blob lanes” that will allow Layer 2 solutions to access dedicated data lanes. problem? Speed up transactions, lower fees and unlock the main chain.
However, this promise of scalability comes with a side effect: fewer fees = fewer tokens burned. Clearly, if L2 pays less to use Ethereum, the amount of ETH destroyed will decrease, which could weigh on the deflationary dynamics of the network. MEXC analyst Shawn Young notes:
This update is important because the next phase of Ethereum adoption will come from actual DeFi applications and protocols, all of which depend on faster and cheaper transactions.
Whether this technical momentum compensates for the decline in validator income remains to be seen. In any case, the whales seem to believe it.
Between macro, regulation and the token hunt: when traditional finance comes back to the table
The crypto industry remains hanging on several external factors. On the one hand, the global macroeconomic situation seems to be stabilizing. On the other hand, discussions about a clearer legal framework in the United States are re-emerging with the possible end of the government shutdown.
Lai Yuen, an analyst at Fisher8 Capital, points out:
Whale piling is consistent and we are seeing the same for Bitcoin, with new entrants coming in to absorb the selling pressure of old ones, convinced of a four-year cycle… If macroeconomic conditions remain favorable, the chances of this zone marking a local trough are high for Ethereum at $3,200 and Bitcoin at $98,000.
Asset tokenization pushed by big banks could also accelerate Ethereum adoption. The mechanics will restart. And the big jets aren’t there for nothing.
5 Key Indicators to Watch in the Ethereum Ecosystem
- ETH price at time of writing: $3,549.30;
- Whale aggregation: +52% since April;
- Reduction of retail portfolios: –16%;
- Fusaka Update Date: December 3, 2025;
- Current support level observed: between $3,000 and $3,400.
Recently, another positive signal was added: transaction fees on Ethereum fell to 0.067 gwei. This drastic drop promises a smoother and cheaper experience for all users, further strengthening the network’s appeal. Perhaps this is where the true quiet revolution of Ethereum begins.
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The blockchain and crypto revolution is in full swing! And on the day the effects are felt by the most vulnerable economy in this world, I will say against all hope that I had something to do with it
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.