Ethereum Just Sent a Huge Bullish Signal – and Whales Reacted Fast

Ethereum (ETH) may have just delivered one of its cleanest long-term bullish signals in years, and right on cue, a major institutional buyer stepped in with tens of millions of dollars.

A new chart, posted by popular cryptocurrency trading expert Trader Tardigrade on November 28, suggests ETH just completed a textbook retest of a massive bull pennant on the two-month timeframe, a structure that has been building quietly since 2021. 

And only hours after that retest printed, blockchain data caught Ethereum whales buying in the form of Tom Lee’s Bitmine executing yet another multi-million-dollar accumulation. The timing is impossible to ignore. 

According to the information shared by Lookonchain, Bitmine bought 14,618 ETH worth roughly $44.34 million, adding to a growing series of institutional inflows going through Arkham-tracked wallets.

Ethereum, which has spent much of 2025 lagging behind Bitcoin (BTC)’s cyclical strength, now appears to be showing one of its first major signs of long-range momentum shifting back in its favor.

On the chart, ETH’s bi-monthly candle has tapped the upper boundary of the pennant, which is a line that previously acted as resistance, before bouncing upward. Traders often view this exact behavior as a structural confirmation that a consolidation phase has ended and a new expansion phase is beginning.

The pattern spans nearly four years, giving the breakout unusually strong weight.

Long Consolidation May Be Giving Way To Something Bigger

The significance of this retest lies not in a single candle but in the depth of the pattern. Ethereum’s price has compressed between converging trendlines since 2021, slowly building pressure.

Each rejection from the upper line corresponded with weakening market confidence, while each bounce from the lower trendline kept the long-term bullish structure intact. Now, for the first time, ETH has successfully flipped that resistance into support on a two-month chart.

Currently, the world’s largest altcoin is trading at the price of $3,033.51, which suggests a 0.07% advance on the day, a more significant increase of 12.88% across the past week, and an accumulated loss of 24.34% on its monthly chart, according to the most recent information.

Institutional buyers tend to move only when macro signals shift, and Bitmine’s timing aligns almost perfectly with what technical analysts describe as the earliest stage of a new ETH expansion wave. 

Although the broader market remains cautious, the combination of a higher-timeframe breakout and fresh eight-figure accumulation has introduced a new layer of optimism among traders.

If Ethereum holds above this reclaimed line, analysts argue the next chapters of this cycle could be written faster than many expect. ETH doesn’t often provide clean long-range signals, but when it does, Ethereum whales buying season starts.

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