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Ethereum (ETH) price surged back above $3,200, driven by increased activity from shark wallets. These wallets, holding between 1,000 and 10,000 ETH, played a crucial role in this recent rally. Despite a slowdown in whale activity, the accumulation trend in these mid-range wallets has fueled ETH’s rise over the past year.

Shark Wallets Drive Ethereum Price Surge

The Ethereum price recovery gained momentum as more derivative trading took place in the market. According to Santiment data, ETH’s surge has been largely supported by shark wallets. These wallets have consistently bought and held ETH in 2025, significantly contributing to its price growth.

🦈📈 Ethereum has climbed back to $3,215 on strong accumulation from shark wallets holding 1K-10K $ETH. These wallets have been key alpha for the #2 coin's price throughout 2025. Additionally, ETH's network growth just hit 190K new wallets in one day.

🔗 https://t.co/QsvXwulg76 pic.twitter.com/NTR1tnvUtR

— Santiment (@santimentfeed) December 3, 2025

Ethereum price reached $3,207.23 as it followed the broader positive market trend. Shark wallets continue to be a key driver, with their activity supporting ETH’s stability in recent months. In addition, the Ethereum price remains at 0.034 BTC, outperforming other major cryptocurrencies.

As the primary driver of decentralized finance (DeFi) and the push for mainstream exchange-traded funds (ETFs), Ethereum price has recovered faster than many altcoins. This performance has attracted traders, who have returned to leverage on platforms like Binance, pushing ETH’s price upwards.

Traders are regaining confidence in Ethereum price, with open interest rising to around $18 billion. Over the past week, this has increased by $3 billion, signaling renewed activity in the derivatives market. The growth in open interest highlights the optimism surrounding ETH’s price outlook.

Ethereum price has also seen strong support from accumulation wallets. These wallets have seen a rapid increase in balance, with over 25.9 million ETH moved to self-custodial wallets since June. This surge in accumulation is signaling market confidence in Ethereum’s future performance.

Whales and Treasury Companies Adjust Their Positions

While whales have become more cautious, Ethereum price continues to find new sources of support. Since October, major treasury companies have decreased their ETH buying activity, with only Bitmine consistently increasing its holdings. Despite this, ETH’s price remains resilient, backed by ongoing support from shark wallets.

The past 30 days saw Bitmine expand its treasury by 9.8%, making it the sole large buyer of Ethereum during this period. Other companies have instead relied on staking rewards for passive income, opting not to make large purchases of ETH.

While the role of treasury buyers has slowed, Ethereum price continues to rise due to increased activity from other market participants. The recent accumulation is being driven by smaller investors, as larger institutional buyers show less enthusiasm in comparison.

ETH’s open interest continues to rise, reaching new highs, and signaling a potential short squeeze. Based on current liquidity levels, Ethereum price could rise above $3,300 in the near term.

Long positions have provided additional support for Ethereum, setting the price floor just above $3,000. With liquidity concentrated around this price, ETH’s market could see further gains as traders return.

Despite a slowdown in treasury buying, the ETH market remains resilient. Shark wallets continue to accumulate, with Ethereum price trending upwards due to active derivative and spot market participation.

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