Ethereum (ETH) accumulation addresses posted their largest monthly inflow on record in December 2025, despite subdued market activity around the holidays.
Data shows these wallets, which have no history of selling and are typically dominated by new addresses and long-term holders, added 3.62 million ETH to their balances in December. That surpasses the previous record inflow of 2.94 million ETH in November.
At the same time, ETH balances held on exchanges increased by nearly 480,000 ETH, the biggest monthly rise since June. Rising exchange reserves are commonly interpreted as a sign of growing selling pressure. The move is likely linked to year-end tax-loss selling, which may ease after the close of the year, according to BitMine’s Thomas Lee.
While accumulation addresses continue to absorb supply, the uptick in exchange reserves suggests a tug-of-war between long-term buyers and short-term sellers heading into the new year.
Validator queue climbs as staking activity picks up
Ethereum’s validator entry queue has also turned higher after nearly two months of declines. The amount of ETH waiting to be activated as validators rose about 120%, from a low of 410,938 ETH on December 28 to 904,051 ETH on Friday. The increase indicates more investors are locking up ETH to help secure the network and earn staking rewards.
The shift follows an update from Ethereum treasury firm BitMine, which said it has begun staking portions of its ETH holdings. BitMine controls roughly 4.11 million ETH, valued at about $12.8 billion at the time of publication.
Price outlook: ETH tests key resistance after triangle breakout
In derivatives markets, Ethereum recorded $121.3 million in liquidations over the past 24 hours, according to Coinglass. Short positions accounted for $111.9 million of that total, reflecting a wave of forced buying as prices moved higher.
On the daily chart, ETH has broken above the upper boundary of a descending triangle pattern and is challenging the 50-day Exponential Moving Average after several sessions of sideways trading. If the token can clear resistance in the $3,150–$3,250 range, technical analysts see room for an advance toward around $3,470.
On the downside, the $2,900 area remains a key support zone, where ETH could attempt a rebound if it fails to hold above current resistance levels.
Momentum indicators are tilted in favor of buyers: the Relative Strength Index stands above its neutral midpoint, while the Stochastic Oscillator is in overbought territory, signaling dominant bullish sentiment in the near term.