Ethereum whales have increased their holdings by 52% since early Q2, adding 7.6 million ETH, according to Coinotag. This accumulation comes as retail investors have reduced their holdings by 16%, suggesting a potential market bottom. On-chain data from CryptoQuant indicates rising spot volumes following Ethereum's dip below $3,000, a level historically associated with trend reversals. The upcoming Fusaka upgrade on December 3 is anticipated to improve Ethereum's scalability, potentially boosting DeFi activity and reducing transaction costs.