Ethereum Price Prediction: Whales Accumulate as Market Awaits Key Break

By: crypto insight|2025/12/26 18:30:14

Key Takeaways

Ethereum’s price remains in a “no-trade zone” between $2,800 and $3,000 amid low market activity.
Whale addresses have significantly increased their Ethereum holdings, adding a potential variable for future price movements.
The return of liquidity post-holidays might lead to a breakout from the current price range.
The $3,000 level is a crucial support-resistance threshold for Ethereum’s price action.

WEEX Crypto News, 26 December 2025

Ethereum’s Current Market Dynamics

Ethereum’s price has been experiencing a period of stagnation, oscillating between $2,800 and $3,000. The lack of market movement is characteristic of a “no-trade zone,” where both momentum and price volatility are notably low. Various factors, including holiday-induced liquidity decline, contribute to this state, with short-term trading activity also seeing a decrease. Despite these conditions, on-chain data reveals that Ethereum “whales” are discreetly accumulating, suggesting preparation for potential future market shifts.

In terms of volatility, Ethereum has witnessed a downward trend. Both trade volume and the implied volatility of Ethereum options have decreased by over 20% compared to monthly averages. This drop reflects a reduction in market engagement. However, such periods of low volatility are historically known for not being sustainable in the long run. Analysts predict that once the holiday period concludes and capital flows back into the market, Ethereum might experience a swift pricing move out of its current stagnation.

Whale Accumulation: Implications and Insights

The movements of Ethereum’s large-scale holders, often referred to as “whales,” have become a vital area of focus. Over the past week, addresses holding between 10,000 and 100,000 ETH have collectively increased their holdings by approximately 220,000 ETH. This bump marks a significant increase in whale ownership which could indicate confidence in Ethereum’s long-term value. While whale activity typically pertains to strategic, long-term investments, their persistent buying during low volatility periods suggests anticipation of Ethereum’s future bullish potential.

Historically, whale accumulation alone does not trigger immediate upward price movements. Instead, upward trends result from the convergence of increased spot trading volumes, heightened engagement in derivative markets, and positive shifts in general market sentiment. Presently, retail trading sentiment remains cautious, influenced by the broader macroeconomic landscape and continued outflows from Ethereum Exchange-Traded Funds (ETFs).

-- Price

Key Price Levels to Watch

One of the most critical price levels for Ethereum at this juncture is the $3,000 mark, serving as both psychological and technical resistance. Should Ethereum manage to hold above this level accompanied by substantial trading volume increases, it could pave the way for a renewed bullish phase. Conversely, should it fail, with prices dropping below the $2,800 support, further testing of lower demand levels is possible, potentially extending the current range-bound pattern or even leading to short-term declines.

Overall, Ethereum stands at an intersection of short-term consolidation and long-term accumulation. While on-chain fundamentals and staking dynamics remain supportive of a longer-term bullish trajectory, price movements in the near term are likely to fluctuate within established boundaries until market liquidity significantly improves.

Future Outlook for Ethereum Traders

As Ethereum continues to demonstrate converging pressures of low volatility and strategic accumulation, investors keen on price predictions will likely focus their attention on post-holiday liquidity conditions. Understanding whether Ethereum can decisively break through or decline from the $3,000 mark will be essential in shaping expectations about its subsequent path.

Meanwhile, an upswing in liquidity post-holidays could trigger a breakout from the current trading region. The intricate dance between whale accumulation and critical price-level response continues to be an insightful indicator for Ethereum’s likely near-term movement.

FAQ

What is the current status of Ethereum’s price range?

Ethereum remains confined within a range of $2,800 to $3,000. It shows low volatility and decreased trading activity, characteristic of a “no-trade zone.”

How have Ethereum whales influenced the market recently?

Ethereum whales have increased their holdings significantly, adding about 220,000 ETH recently. This accumulation suggests confidence in Ethereum’s long-term value, potentially impacting future price movements.

What role do holidays play in Ethereum’s current situation?

Holidays typically result in reduced market liquidity and trading volume for Ethereum and other cryptocurrencies. Post-holiday liquidity influxes could result in significant price movements.

Why is the $3,000 price level important for Ethereum?

The $3,000 level functions as a crucial support-resistance threshold. A decisive break above this level with increased trading volume could signal the beginning of a bullish trend.

What might incentivize a change in Ethereum’s current trading pattern?

Renewed liquidity, increased trading volume, and improved market sentiment after the holiday period are likely to influence a shift from Ethereum’s current stagnation.

On March 16, 2026, in Dallas, Texas, USA, CanGu Company (New York Stock Exchange code: CANG, hereinafter referred to as "CanGu" or the "Company") today announced its unaudited financial performance for the fourth quarter and full year ended December 31, 2025. As a btc-42">bitcoin mining enterprise relying on a globally operated layout and dedicated to building an integrated energy and AI computing power platform, CanGu is actively advancing its business transformation and infrastructure development.

2025 Full Year and Fourth Quarter Financial and Operational Highlights

• Financial Performance:

Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.

Bitcoin mining business revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.

Full-year adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.

• Mining Operations and Costs:

A total of 6,594.6 bitcoins were mined throughout the year, averaging 18.07 bitcoins per day; of which 1,718.3 bitcoins were mined in the fourth quarter, averaging 18.68 bitcoins per day.

The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;

The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.

As of the end of December 2025, the company has cumulatively produced 7,528.4 bitcoins since entering the bitcoin mining business.

• Strategic Progress:

The company has completed the termination of the American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE to enhance information transparency and align with its strategic direction, with a long-term goal of expanding its investor base.

CEO Paul Yu stated: "2025 marked the company's first full year as a bitcoin mining enterprise, characterized by rapid execution and structural reshaping. We completed a comprehensive adjustment of our asset system and established a globally distributed mining network. Additionally, the company introduced a new management team, further strengthening our capabilities and competitive advantage in the digital asset and energy infrastructure space. The completion of the NYSE direct listing and USD pricing also signifies our transformation into a global AI infrastructure company."

"As we enter 2026, the company will continue to optimize its balance sheet structure and enhance operational efficiency and cost resilience through adjustments to the miner portfolio. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-effective AI inference solutions. The relevant site transformations and product development are progressing simultaneously, and the company is well-positioned to sustain its execution in the new phase."

The company's Chief Financial Officer, Michael Zhang, stated: "By 2025, the company is expected to achieve significant revenue growth through its scaled mining operations. Despite recording a net loss of $452.8 million from ongoing operations, mainly due to one-time transformation costs and market-driven fair value adjustments, the company, from a financial perspective, will reduce its leverage, optimize its Bitcoin reserve strategy and liquidity management, introduce new capital to strengthen its financial position, and seize investment opportunities in high-potential areas such as AI infrastructure while navigating market volatility."

Fourth Quarter 2025 Ongoing Operations Financial Performance

Revenue

The total revenue for the fourth quarter was $1.795 billion. Of this, the Bitcoin mining business contributed $1.724 billion in revenue, generating 1,718.3 Bitcoins during the quarter. Revenue from the international automobile trading business was $4.8 million.

Operating Costs and Expenses

The total operating costs and expenses for the fourth quarter amounted to $4.56 billion, primarily attributed to expenses related to the Bitcoin mining business, as well as impairment of mining machines and fair value losses on Bitcoin collateral receivables.

This includes:

· Cost of Revenue (excluding depreciation): $1.553 billion

· Cost of Revenue (depreciation): $38.1 million

· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)

· Mining Machine Impairment Loss: $81.4 million

· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million

Profit Situation

The operating loss for the fourth quarter was $276.6 million, a significant increase from a loss of $0.7 million in the same period of 2024, primarily due to the downward trend in Bitcoin prices.

The net loss from ongoing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.

The adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.

Full Year 2025 Ongoing Operations Financial Performance

Revenue

The total revenue for the full year was $6.881 billion. Of this, the revenue from the Bitcoin mining business was $6.755 billion, with a total output of 6,594.6 Bitcoins for the year. Revenue from the international automobile trading business was $9.8 million.

Operating Costs and Expenses

The total annual operating costs and expenses amount to $1.1 billion.

Specifically, they include:

· Revenue Cost (excluding depreciation): $543.3 million

· Revenue Cost (depreciation): $116.6 million

· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)

· Miner Impairment Loss: $338.3 million

· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million

Profitability

The full-year operating loss is $437.1 million. The continuing operations net loss is $452.8 million, while in 2024, there was a net profit of $4.8 million.

The 2025 non-GAAP adjusted net profit is $24.5 million (compared to $5.7 million in 2024). This measure does not include share-based compensation expenses; refer to "Use of Non-GAAP Financial Measures" for details.

Financial Position

As of December 31, 2025, the company's key assets and liabilities are as follows:

· Cash and Cash Equivalents: $41.2 million

· Bitcoin Collateral Receivable (Non-current, related party): $663.0 million

· Miner Net Value: $248.7 million

· Long-Term Debt (related party): $557.6 million

In February 2026, the company sold 4,451 bitcoins and repaid a portion of related-party long-term debt to reduce financial leverage and optimize the asset-liability structure.

Stock Repurchase

As per the stock repurchase plan disclosed on March 13, 2025, as of December 31, 2025, the company had repurchased a total of 890,155 shares of Class A common stock for approximately $1.2 million.

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