Ethereum is showing renewed strength after days of intense selling pressure and widespread uncertainty across the crypto market. Following a sharp drop below the $3,300 level, bulls are now attempting to reclaim $3,600, with the next major objective set at $4,000 — a level that could confirm a shift in market momentum if conquered.

Amid this recovery effort, key on-chain data highlights a surprising move from one of the market’s most closely watched traders — the so-called Anti-CZ Whale. This investor gained notoriety for shorting ASTER shortly after Changpeng Zhao (CZ) — the former CEO of Binance and one of the most influential figures in crypto — publicly mentioned buying it. The whale’s timely short turned out to be highly profitable, reinforcing their reputation as a contrarian yet precise market player.

Now, this same whale has flipped bullish on Ethereum, opening a significant long position after having shorted ETH last week. The move signals growing confidence in Ethereum’s recovery potential and could hint at an upcoming market reversal. As sentiment begins to stabilize and liquidity rotates back into major altcoins, Ethereum’s price action in the coming days will be crucial in determining whether this bounce evolves into a sustained uptrend.

The Anti-CZ Whale Flips Bullish on Ethereum

According to new on-chain data shared by Lookonchain, the trader known as the Anti-CZ Whale has once again demonstrated his sharp market timing. After shorting Ethereum (ETH) during last week’s market correction, the whale has now flipped bullish — taking a major long position that reflects growing confidence in the asset’s recovery.

The data reveals that the whale currently holds 32,802 ETH, valued at roughly $119.6 million, with more than $15 million in unrealized profit so far. This strategic pivot came shortly after Ethereum’s rebound from its recent lows near $3,200, suggesting that the trader anticipated a relief rally as selling pressure began to ease.

What makes this move even more significant is that the Anti-CZ Whale is still maintaining profitable short positions in other assets — notably ASTER and PEPE. This indicates a selective, tactical approach rather than a broad market shift. His ETH long aligns with improving sentiment around Ethereum, while the other shorts suggest caution toward more speculative altcoins.

Historically, the Anti-CZ Whale has earned a reputation for trading against major narratives — including his successful short on ASTER after Changpeng Zhao (CZ), Binance’s former CEO, tweeted about buying the token. His latest move toward ETH could therefore signal that smart money is beginning to rotate back into high-conviction assets.

ETH Price Analysis — Signs of a Short-Term Recovery

Ethereum’s price action on the 4-hour chart shows a notable recovery following last week’s sharp decline. After dipping below $3,300, ETH found strong buying interest and has since rebounded toward the $3,600 region — a key short-term resistance level. This rebound coincides with increased trading volume, suggesting renewed confidence among bulls after several days of panic-driven selling.

The structure now shows early signs of a potential trend reversal, as Ethereum has formed a short-term higher low pattern, with buyers defending the $3,350–$3,400 support zone. If momentum continues, the next target for bulls lies near $3,800, where previous breakdowns occurred. A clear break and close above that level would confirm a bullish continuation toward the $4,000 mark.

However, ETH still faces challenges ahead. The broader market remains fragile, and the asset is yet to reclaim its 200-period moving average, which currently acts as dynamic resistance. Failure to sustain momentum above $3,600 could lead to renewed selling pressure, potentially retesting support near $3,250.

Featured image from ChatGPT, chart from TradingView.com

Embattled crypto gambling platform ZKasino has started returning a portion of investor funds following a $33 million scam that left thousands of users in limbo.

The refunds come nearly six months after Dutch authorities arrested a suspect linked to the platform’s alleged rug pull, marking a tentative step toward restitution for affected users.

ZKasino Founder Breaks Silence

The project’s anonymous founder, Derivatives Monke, shared an update via a November 10 post on X, stating that approximately 35% of withdrawal requests have already been processed, covering roughly 2,500 of the 8,000 affected addresses.

They noted that refunds are complex due to the multiple parties involved and added that the amounts returned are not necessarily final, with possible interest adjustments still pending.

A second wave of repayments is also expected next week, potentially bringing the total refunded to 75% of affected users. The founder added that while the project aims to make the process simple for most users, KYC and other procedures will apply to larger withdrawals for legal reasons.

In early 2024, in a campaign known as “bridge-to-earn,” ZKasino enabled a token bridge for customers to deposit Ethereum (ETH) in the month before its launch, with more than 10,000 users sending 10,515 ETH, worth around $33 million at the time. The investors were reportedly promised they could earn a yield and withdraw their principal at any time.

However, on-chain data shows that the platform instead converted deposits into vested ZKAS tokens and staked the ETH on Lido, effectively locking customer funds without their consent. The team then fell silent for more than a year, leading to accusations of a rug pull.

Subsequent investigations also revealed that it misrepresented its Series A funding, with claims of $350 million in backing from MEXC and Big Brain Holdings later debunked. Furthermore, on April 29, 2024, Dutch authorities arrested a 26-year-old connected to the ZKasino incident, seizing assets worth over $12 million in cryptocurrency, real estate, and luxury vehicles.

Mixed Community Reactions

The crypto X community was quick to respond to the announcement, with reactions ranging from celebrations to skepticism. Victims who had lost small amounts of ETH confirmed that they had received their funds back, while larger depositors questioned when they would be reimbursed.

Others were pleasantly surprised at the development given the team’s silence over the past year. “Zkasino refunding me was not on my 2025 bingo card,” wrote X user alvarzz.

Some members continued to call for full transparency, demanding audited proof of remaining funds, clear timelines, and independent oversight. Veteran crypto trader Eric Cryptoman questioned whether private sale investors would recover their ETH, pointing out that the project had retained $25 million. He added that he did not expect a refund, having made similar investments before, but found it noteworthy that the team was still active and behaving as if nothing had happened.

Meanwhile, the founder has asked for patience from all affected customers, assuring them that they would receive their funds in due time.

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