Ethereum is showing novel strength after days of intense selling pressure and widespread uncertainty in the cryptocurrency market. After falling sharply below the $3,300 level, bulls are now trying to reclaim $3,600, with the next major target set at $4,000 – a level that could confirm a shift in market dynamics if broken.
Amid these economic recovery efforts, key on-chain data highlights a surprising move by one of the market’s most closely watched traders – the so-called anti-CZ whale. This investor gained notoriety for shorting ASTER shortly after Changpeng Zhao (CZ) – the former CEO of Binance and one of the most influential figures in the cryptocurrency industry – publicly mentioned his purchase. The whale’s quick brief trade proved highly profitable, enhancing its reputation as a contrarian yet precise market player.
Now, the same whale has surged on Ethereum, opening a significant long position after shorting ETH last week. The move signals growing confidence in Ethereum’s recovery potential and may indicate an upcoming market reversal. As sentiment begins to stabilize and liquidity returns to the major altcoins, Ethereum’s price action in the coming days will be crucial in determining whether this rebound turns into a sustained uptrend.
The anti-CZ whale is gaining value on Ethereum
By novel chain data hosted by Lookonchain, the trader known as Anti-CZ Whale has once again demonstrated his excellent market timing. After shorting Ethereum (ETH) during last week’s market correction, the whale has now returned to a bullish direction – taking a major long position that reflects growing confidence in the asset’s recovery.
The data shows that the whale currently holds 32,802 ETH worth approximately $119.6 million, and the unrealized profit so far is over $15 million. This strategic pivot came shortly after Ethereum rebounded from recent lows near $3,200, suggesting traders expected a edged rally as selling pressure began to fade.
What makes this move even more significant is the fact that Anti-CZ Whale continues to maintain profitable brief positions in other assets, most notably ASTER and PEPE. This indicates a selective, tactical approach rather than a broad market shift. His long ETH position is part of the improving sentiment around Ethereum, while the remaining brief positions suggest caution towards more speculative altcoins.
Historically, Anti-CZ Whale has gained a reputation for trading against mainstream narratives – including a successful brief trade on ASTER after Changpeng Zhao (CZ), former CEO of Binance, tweeted about purchasing the token. Its recent move towards ETH could therefore signal that sharp money is starting to turn back into a high-conviction asset.
ETH Price Analysis – Signs of Miniature-Term Recovery
Ethereum price action on the 4-hour chart shows a noticeable recovery after last week’s edged decline. After falling below $3,300, ETH saw significant buying interest and has since rebounded towards the $3,600 region – a key short-term resistance level. This rebound coincides with increased trading volume, suggesting renewed bull confidence after several days of panic selling.
The structure is currently showing early signs of a potential trend reversal as Ethereum has formed a short-term higher low pattern, with buyers defending the $3,350-$3,400 support zone. If momentum continues, the next target for bulls will be near $3,800, where previous breakdowns occurred. A clear break and close above this level would confirm a bullish continuation towards the $4,000 level.
However, ETH still faces challenges. The broader market remains volatile and the asset has yet to regain its 200-period moving average, which currently serves as lively resistance. Failure to maintain momentum above $3,600 could lead to renewed selling pressure, potentially causing support near $3,250 to be retested.
Featured image from ChatGPT, chart from TradingView.com
