Ethereum saw bullish sentiment strengthen on the 29th of December, supported by whale accumulation, rising volumes, and improving short-term market structure.
The broader crypto market gained 2.32% at press time, lifting total capitalization back above $3 trillion.
Against that backdrop, Ethereum’s [ETH] price rose 2.75%, outperforming Bitcoin [BTC], Ripple [XRP], Binance Coin [BNB], and Solana [SOL] during the session.
In addition to the broader market recovery, Onchain Lens revealed that a whale wallet address “0xcd9” withdrew a massive 2,218 ETH worth $6.52 million from the Kraken exchange.
The report further noted that the same wallet received over 519 ETH worth $1.62 million from Wintermute 19 days ago.
At the time of the report, the address held 2,738 ETH valued near $8.07 million.
Such exchange outflows often reduce immediate sell-side pressure. That behavior kept traders attentive to whether accumulation could support higher prices.
CoinMarketCap data showed ETH’s 24-hour trading volume rose 130% to $17.16 billion at press time, reflecting renewed participation from both traders and investors.
Ethereum’s daily chart showed a developing cup-and-handle pattern, often associated with continuation setups during recoveries.
Based on the pattern’s measured move, a daily close above $3,050 could open a path toward $3,360, implying a potential 10% upside from breakout levels.
The Average Directional Index stood at 29.09, above the 25 threshold. That reading indicated the prevailing trend retained strength during the recent rebound.
That technical setup left traders focused on whether momentum could sustain above the pattern’s neckline.
In addition to these bullish metrics, traders also appeared to be aligning with the upward trend by placing strong bets on the bullish side.
CoinGlass data revealed that $2,915.1 on the lower side (support) and $3,073.5 on the upper side (resistance) were the two key levels to watch. At those levels, traders had built $1.03 billion in Cumulative Long Liquidation Leverage and $380.58 million in Cumulative Short Liquidation Leverage.
This imbalance suggested that bullish positioning dominated near current prices. Even so, heavy leverage around resistance kept the risk of volatility elevated.
