$635M ETH Whale Nears Break-Even as $2,500 Support Fuels Reversal Setup

Ether drew fresh attention on Jan. 3 as Arkham tracked a major leveraged position moving back toward break even. Meanwhile, a separate chart post highlighted $2,500 as the key level holding the broader recovery together.

Arkham says Hyperunit whale nears breakeven on $635.58M Ether long

Blockchain analytics firm Arkham said a so called “Hyperunit whale” has nearly climbed back to breakeven on a large Ether long position worth about $635.58 million. Arkham shared the claim in a post on X, describing the trader as a “$10B Hyperunit whale.”

Arkham said the account is now up almost $70 million in profit and loss from its lowest point, which it framed as a rebound from the account’s bottom. The post described the position as an ETH long that has “almost broken even,” implying recent market moves narrowed earlier unrealized losses.

Arkham also said it linked the Hyperunit whale to Garrett Jin through a single transfer. The firm did not provide additional detail in the post about the counterparties, timing, or context of that transfer, beyond the stated connection.

Analyst flags $2,500 Ether support as inverse head and shoulders forms

Meanwhile, Crypto trader BitBull said Ether’s higher time frame setup looks constructive after price held above the $2,500 level, according to a post on X.

Ethereum USDT 1W MEXC. Source: BitBull (@AkaBull)

BitBull based the view on a large inverse head and shoulders pattern he marked on the chart. In that structure, the left shoulder forms after a selloff and rebound, the “head” prints as a deeper low, and the right shoulder develops when price makes a higher low before turning up again. On the shared ETH/USDT view, the lowest swing sits around the mid 2025 trough, while later pullbacks appear shallower, which keeps the “right shoulder” portion intact.

The chart also draws a rising “neckline” zone overhead, shown as a band of sloping resistance that capped prior rallies. A typical read of this setup is that the pattern remains incomplete until price pushes through that neckline area and holds there, because repeated rejections at the same overhead zone can still stall the recovery.

At the time of the snapshot, ETH traded near $3,038 on the ETH/USDT MEXC chart, with BitBull highlighting $2,500 as a key floor. Price sitting above that level suggests the latest pullback did not break the higher low structure he pointed to, while the next visible decision area remains the rising resistance band near the upper part of the chart.