Ethereum (ETH) Roars Back to $3,215 as Shark Wallets Go on a Feeding Frenzy

Sharks are circling, and the water's churning. Ethereum just clawed its way back to a $3,215 price point, and the big players aren't just watching—they're buying.

The Accumulation Signal You Can't Ignore

Forget the retail noise. The real story is playing out in the wallets of crypto's middle class—the so-called 'sharks.' On-chain data reveals a surge in accumulation from these key holders, the ones who move markets without making headlines. They're not betting on hype; they're building positions.

What the Whales Know That You Don't

This isn't random. Shark accumulation often acts as a leading indicator, a vote of confidence from the sophisticated capital that got rich by being early. They're not swayed by daily volatility or the latest influencer shill. Their buying pattern suggests a calculated play on fundamentals—network upgrades, institutional adoption, or a simple belief that the current price is a steal.

It's the old finance game, just with a digital ledger: the big fish eat first, and everyone else gets the scraps.

The Rebound's Real Foundation

While day traders chase memecoins, Ethereum's rebound to $3,215 is being built on a foundation of cold, hard accumulation. It's a quieter, more substantive move than any pump-and-dump scheme. This is capital moving with purpose, not panic.

So, is the bottom in? The sharks seem to think it's a good time to feed. Maybe they see a future where ETH isn't just digital oil, but the entire financial grid. Or maybe they just know a discount when they see one—after all, even in decentralized finance, someone's always buying the dip before you do.

Shark Wallets Add 450,000 ETH in Just Two Weeks

Santiment notes that from November 18 to December 2, mid-sized Ethereum (ETH) holders have been accumulating about 450,000 ETH, making them one of the strongest buying periods in months. Historically, when this cohort of investors concentrated on accumulation, market rebounds occurred, and by all indications, current events would be no different.

Network Growth Hits 190,000 New Wallets in a Day

In addition to the rejuvenated accumulation, Ethereum’s network activity has increased significantly. According to Santiment, the network witnessed the creation of 190,000 new wallets in one day-a sign of growing user adoption and, hence, improved fundamentals.

A spike this size in daily new addresses is usually indicative of increased adoption, more transactional activity, and long-term growth for the ecosystem.

Current Market Structure: Trend, Resistance, and Support Zones

Ethereum (ETH) currently has a market capitalization of approximately $382.91 billion, with a trading volume of about $27.59 billion in the last 24 hours. At press time, the altcoin is trading at $3,170.2, having increased by 3.05% over the past 24 hours.

The price is moving in a bullish trend and is currently testing a resistance level NEAR $3,192.1. If it breaks above this, the next target could be $3,250.00. On the downside, the support level is around $2,806.6. If the altcoin falls below this level, we might see a drop towards $2,750.00.

The blue line indicates the resistance level at $3,192.1, while the yellow line represents the support level at $2,806.6.

Market Context: From October Dump to December Revival

Ethereum’s current momentum comes after a critical test in early October, seeing over 1.3 million ETH reportedly sold across major wallets. Yet, even despite such heavy dumping, the market soon balanced out. Rising accumulation now eclipses earlier distribution.

The fresh accumulation of ETH among shark wallets is indicative of improving investor sentiment, while network growth metrics reinforce the blockchain’s continued relevance as one of the most active smart contract ecosystems.