Ethereum is showing renewed strength after days of intense selling pressure and widespread uncertainty in the crypto market. After a sharp decline below the $3,300 level, bulls are now looking to reclaim $3,600, with the next major target set at $4,000 – a level that could confirm a shift in market momentum if reached.
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Amid these recovery efforts, key on-chain data points to a surprise move from one of the market’s most closely watched traders – the so-called Anti-CZ Whale. This investor rose to prominence by shorting ASTER shortly after Changpeng Zhao (CZ) – the former CEO of Binance and one of the most influential figures in crypto – publicly said he had bought it. The whale’s timely short position proved highly profitable, cementing their reputation as a contrarian but accurate market player.
Now the same whale has turned bullish on Ethereum and opened a significant long position after shorting ETH last week. This move signals growing confidence in Ethereum’s recovery potential and could signal a coming market turnaround. As sentiment begins to stabilize and liquidity returns to major altcoins, Ethereum’s price action in the coming days will be crucial in determining whether this rebound will develop into a sustained uptrend.
The anti-CZ whale is bullish on Ethereum
According to new on-chain facts shared by Lookonchain, the trader known as the Anti-CZ Whale has once again demonstrated his sharp market timing. After shorting Ethereum (ETH) during last week’s market correction, the whale has now turned bullish and taken a large long position reflecting growing confidence in the asset’s recovery.
The data shows that the whale currently owns 32,802 ETH, worth approximately $119.6 million, with over $15 million in unrealized gains to date. This strategic shift came shortly after Ethereum recovered from its recent low around $3,200, indicating trader expectations of relief as selling pressure began to subside.
What makes this move even more important is that the Anti-CZ Whale still maintains profitable short positions in other assets – most notably ASTER and PEPE. This indicates a selective, tactical approach rather than a broad market shift. His ETH long is in line with the improving sentiment around Ethereum, while the other shorts indicate caution towards more speculative altcoins.
Historically, the Anti-CZ Whale has built a reputation for trading against big stories – including his successful short on ASTER after Changpeng Zhao (CZ), the former CEO of Binance, tweeted about buying the token. Its latest move towards ETH could therefore be a signal that smart money is starting to turn back into high-conviction assets.
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ETH Price Analysis – Signs of Short-Term Recovery
Ethereum’s price action on the 4-hour chart is showing a notable recovery after last week’s sharp decline. After dipping below $3,300, ETH found strong buying interest and has since recovered towards the $3,600 region – a key near-term resistance level. This recovery coincides with increased trading volume, indicating renewed confidence among bulls after several days of panic-driven selling.
The structure is now showing the first signs of a potential trend reversal as Ethereum has formed a near-term upper low pattern with buyers defending the $3,350-$3,400 support zone. If momentum continues, the next target for bulls is around $3,800, where previous breakdowns occurred. A clear break and close above that level would confirm a bullish continuation towards the $4,000 mark.
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However, ETH still faces challenges. The broader market remains vulnerable and the asset has yet to regain its 200-period moving average, which currently acts as dynamic resistance. Failure to sustain momentum above $3,600 could lead to renewed selling pressure, potentially retesting support near $3,250.
Featured image of ChatGPT, chart from TradingView.com