Whales Load Up as Ethereum Tests Long-Term Trendline—What Comes Next for ETH?

Ethereum’s cost-basis heatmap shows dense accumulation between $2,800 and $3,200, forming a recurring structural zone revisited during recent market pullbacks.

Multi-year order flow data reveals rising whale activity during market stress and rallies, showing recurring patterns that shape Ethereum’s broader price behavior.

Long-term charts show repeated tests of the $4,000–$4,300 resistance zone in the multi-year structure.

Ethereum is exchanging hands at $3,203.34, after sliding 4.49% over the week.On-chain data and long-term charts are bullish as ETH is holding key support zones and whale activity adjusts to rising volatility.

Cost Basis Shifts and Structural Zones

Analyst Ali Martinez shared an updated cost-basis distribution heatmap that outlines where supply last moved in relation to price. The chart shows a dense concentration of activity between $2,800 and $3,200, forming a broad zone where long-term holders previously accumulated

This area has acted as a recurring base during recent retracements.The heatmap also shows periods where new buyers steadily acquired coins during rallies

Warmer streaks rising from mid-June to late August show that fresh supply entered the market as price advanced. These shifts pushed the broader cost basis upward as demand expanded.

Activity near the top of the range appears thinner, especially during moves above $4,000, showing lighter accumulation and more short-term repositioning.

As price returned toward $3,200 in early November, the chart shows the market revisiting earlier zones of support, suggesting a return to established cost levels.

Whale Orders and Multi-Year Market Behavior

Another chart shared shows Ethereum’s average spot order size over several years, divided into whale and retail categories. It shows repeated cycles in which whales become more active during periods of stress

This pattern shows whales increasing their participation as momentum improves. Retail presence becomes more scattered during these climbs, returning sharply at local highs and market dips.

The chart portrays a steady rhythm where whales provide market structure while retail activity reacts more quickly to abrupt price changes.

Long-Term Structure and Weekly Technical Levels

A separate chart from StockTrader_Max focuses on Ethereum’s long-term structure. The chart presents an ascending triangle with a rising trendline connecting multiple higher lows since early cycle points.

Source: Tweet on X

This trendline shows enduring demand over several years.A fixed resistance area between $4,000 and $4,300 forms the upper boundary

Repeated tests of this level point to ongoing interest from buyers, even though each visit produced short pullbacks. Current trading places ETH near the 50-week moving average, which previously provided a stable reaction zone.

If that level is reclaimed with strength, the chart suggests room for a continuation phase driven by the broader structure.

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