$40M Whale Flips Long as Ethereum Clings to $2.8K—Is a Major Move Coming?

A major Ethereum whale who previously profited from shorting the October crash is now long tens of millions of dollars in ETH just as the asset retests its 2,800 dollar support zone. Together, the fresh leveraged bet and the key chart level put Ethereum at a decision point that could shape the next phase of the cycle.

Whale Reappears With New 40M Dollar Ethereum Long

Arkham reports that a high-profile whale, known for making about 200 million dollars shorting the market ahead of the October 10 crash, has returned with a large leveraged position on Ethereum. According to the data, the trader moved 10 million dollars to Hyperliquid and opened a long that quickly expanded into a 44.5 million dollar exposure.

Hyperunit Whale ETH Long Dashboard. Source: Arkham/X

At the same time, Arkham’s dashboard shows the account already sitting on more than 300,000 dollars in unrealized gains less than an hour after the position went live. The on-chain view also links the order flow to the same entity that previously managed multibillion-dollar balances across several networks, reinforcing that this is the original “Hyperunit” whale.

The activity adds another large directional bet to the market at a time when Ethereum is testing critical support levels, and it highlights how aggressive traders continue to shape intraday momentum with rapid, high-leverage positions.

Ethereum Tests Key 2.8K Support Zone

Ethereum is back at the 2,800 dollar level, a zone that has acted as both support and resistance throughout the current cycle. The three-day chart from Daan Crypto Trades shows price pulling back from recent highs and retesting this horizontal band after a sharp decline.

Ethereum Three Day Chart At 2.8K Support. Source: Daan Crypto Trades

For now, candles hover just above the line, indicating that buyers are trying to defend the area after the latest selloff. At the same time, the chart highlights how previous visits to this level have often decided the next major swing, with failed holds leading to deeper drops and successful bounces opening room to revisit higher range highs.

Traders now watch whether bulls can keep Ethereum above this pivot or whether a clean break below turns the 2,800 dollar region into resistance again. A sustained move in either direction would confirm the next leg of the trend and set the tone heading into the end of the year.