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Strong accumulation from “shark wallets” holding 1,000 to 10,000 ETH has pushed the asset’s price up to $3,230, reported Santiment on Thursday. This is the highest that Ether has traded for since mid-November, almost three weeks ago.
These wallets have been “key alpha” for the asset’s price throughout 2025, Santiment added. Additionally, network growth just hit 190,000 new wallets in one day.
🦈📈 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 Upgrade Successful
The move follows the successful deployment of the Fusaka upgrade on Wednesday.
“Fusaka went well, and L2s posting blobs without missing a beat,” said Ethereum developer Terence Tsao. “Credit to all the teams. L1 and L2s are running as one well-oiled machine that moves forward together,” he added.
Fusaka is a key step on Ethereum’s layer-1+rollup roadmap with higher L1 performance, expanded blob capacity, lower rollup costs, and UX improvements.
“Two major Ethereum upgrades this year is a huge win,” said Ryan Sean Adams from Bankless, who added, “I haven’t seen builder momentum this strong since the Merge in 2022.”
Ethereum also achieved a record daily gas usage of over 200 billion units on Dec. 3, coinciding with the Fusaka upgrade’s activation, observed Sam Altcoin.
Analyst Ted Pillows noted that the ETH/BTC ratio was trying to reclaim the 50-week exponential moving average again. “If that happens, ETH and altcoins could see upward momentum,” he said.
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Meanwhile, Tom Lee is “DCAing ETH,” reported Arkham Intelligence on Thursday. It observed another $150 million BitMine purchase on Wednesday, stating “Two fresh wallets just withdrew $92 million of ETH from Kraken, and $58 million from Bitgo, matching prior BitMine purchase patterns.”
BitMine has already bought the dip twice earlier this week and now holds at least 3.73 million ETH worth almost $12 billion.
TOM LEE JUST BOUGHT $150M ETH
Two fresh wallets just withdrew $92M of ETH from Kraken, and $58M from Bitgo, matching prior Bitmine purchase patterns.
Tom Lee is DCAing ETH. pic.twitter.com/uZxEnhVvzi
— Arkham (@arkham) December 3, 2025
ETH Price Outlook
Ether prices hit a three-week high of $3,230 during early trading in Asia on Thursday, but it could not hold above it and dipped slightly to $3,200 at the time of writing.
The asset has recovered 16% since its dip to $2,740 earlier this week during the latest leverage flush. Comparatively, Bitcoin has only recovered 10% from its Tuesday low to $83,500.
Nevertheless, Ether remains down 35% from its all-time high and is also 4.5% in the red year-to-date.