Ethereum showed improving momentum on December 29 as buying interest increased across the market. The broader crypto market rose about 2.3 percent during the session, pushing total market value back above $3 trillion.
Against this backdrop, Ethereum gained roughly 2.8 percent on the day, outperforming Bitcoin, XRP, BNB, and Solana.
Whale Moves Ethereum Off Exchanges
On-chain data highlighted a notable accumulation event. According to Onchain Lens, a large wallet withdrew 2,218 ETH worth about $6.52 million from Kraken.
The same address had received more than 519 ETH, valued near $1.62 million, from Wintermute roughly 19 days earlier. At the time of reporting, the wallet held approximately 2,738 ETH, worth about $8.07 million.
Large withdrawals from exchanges often reduce near-term selling pressure, as assets moved into private wallets are less likely to be sold immediately. This behavior kept traders focused on whether continued accumulation could support higher prices.
Trading Activity Picks Up
Market participation also increased. Data from CoinMarketCap showed Ethereum’s 24-hour trading volume jumped 130 percent to about $17.2 billion. Rising volume alongside price gains often signals stronger engagement from traders and investors.
Ethereum Chart Shows Improving Structure
On the daily chart, Ethereum appeared to be forming a cup-and-handle pattern, a structure commonly seen during recovery phases. Based on this setup, a daily close above $3,050 could open the door to a move toward the $3,360 area.
Trend strength indicators supported the rebound. The Average Directional Index stood near 29, above the typical threshold of 25, suggesting the trend remained intact rather than weakening.
Leverage Builds Around Key Levels
Short-term positioning also leaned bullish. Data from CoinGlass showed heavy leverage clustered near two levels.
Around $2,915, traders had built roughly $1.03 billion in long liquidation exposure. Near $3,074, short liquidation exposure stood at about $381 million. This imbalance suggested bullish positioning dominated near current prices.
At the same time, concentrated leverage near resistance increased the risk of sharp price swings. If price moves decisively in either direction, forced liquidations could add to volatility.
