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Ethereum posted one of its strongest sessions of the month as the market recorded a sharp shift in sentiment. An aggressive wave of whale accumulation and renewed institutional flows drove this movement.

Data from Santiment shows that Ethereum surged 8.5% while whales continued to build their positions, adding approximately 934,240 ETH worth $3.15 billion in just three weeks.

The move is in stark contrast to retail activity, as smaller traders offloaded roughly 1,041 ETH over the past week, reinforcing the divide between long-term confidence and short-term caution.

Analysts point to several catalysts, including expectations of a Federal Reserve rate cut that lifted risk appetite and a surge in ETF inflows led by BlackRock’s staked ETH filing, which saw more than $727 million in single-day inflows.

The completed Fusaka upgrade has also added to market optimism, with PeerDAS scaling improvements on December 3. This upgrade and ETF accumulations amplify technical breakout signals as ETH tests resistance at $3,413, the 23.6% Fibonacci level.

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Ethereum’s setup reflects a balance of macro liquidity, institutional FOMO, and upgrade-driven enthusiasm. However, the consensus is mixed as traders weigh overheated retail sentiment against the scale of corporate interest.

That said, analysts note that sustained momentum will depend on Federal Reserve messaging and the continuity of the Fusaka upgrade. This implementation, paired with continued ETF approvals, could support a move toward $4,800 based on the 161.8% Fibonacci extension. 

Meanwhile, regulatory delays or concerns about stakeholder centralization may limit upside potential, leaving $3,500 as a key level to monitor.

Now, this trend is not exclusive to Ethereum. Santiment reports that Shiba Inu is experiencing its highest level of whale transfers since June 6, with more than 1.06 trillion SHIB shifting across exchanges.

The spike suggests the twenty-fourth-ranked asset could face heightened volatility in the coming days, mirroring the accumulation dynamics unfolding across the broader market.