Ethereum Holds Above $3,000 Amid Whale Accumulation and Record-Low Exchange Supply

Ethereum (ETH) is maintaining a critical position above the $3,000 support level, trading around $3,152, as on-chain data and whale activity signal growing bullish sentiment. The price action is supported by its position above key moving averages (20, 50, and 100-day EMAs), with an RSI of 58 indicating potential for further upside before reaching overbought territory.

A significant catalyst is the recent Fusaka upgrade on December 3, 2025, which coincided with $140 million in ETH inflows according to Coinglass data. Market focus is also intensely fixed on the upcoming Federal Reserve rate decision on December 10, where traders widely anticipate a 0.25% cut that could inject liquidity into risk assets like crypto.

Whale accumulation has become a dominant theme. Data from Lookonchain reveals three major whales have opened long positions worth a combined $426 million. This includes BitcoinOG ($169M), Anti-CZ ($194M), and pension-usdt.eth (20,000 ETH worth ~$62.5M). Separately, Arkham identified whale "0xBADBB" using two accounts to long $189.55 million in ETH. In a highly notable move, a trader dubbed the "Trump Tariff Whale"—known for timing major news events—has placed a $100 million long bet on Hyperliquid with an entry near $2,965 and a distant liquidation price of $1,597.

Corporate holding is also at a record high. BitMine added another $199 million in ETH last week, bringing its total holdings to 3.73 million ETH (worth ~$13.3 billion), cementing its status as the largest corporate holder.

Perhaps the most compelling fundamental factor is the historically low supply of ETH on centralized exchanges. Glassnode data shows only 8.8% of all ETH sits on exchanges, the lowest level since Ethereum's 2015 launch—a 43% drop since July. This "supply shock" is driven by coins moving into staking contracts, restaking platforms, Layer-2 networks, and long-term custody, reducing available sell-side pressure.

Technically, the ETH/BTC pair has broken its multi-month downtrend, suggesting potential for Ethereum to outperform Bitcoin. Analysts note that a daily close above the $3,250-$3,270 resistance zone could confirm a rally, with subsequent targets at $3,800 and $4,500. Some supply-shock models even project a move toward $4,885 by year-end.