Ethereum Whales Accumulate Aggressively: $1.37 Billion in ETH Acquired Amidst Market Dip
Despite recent price volatility that saw Ethereum plunge below $3,100, a significant trend has emerged: large-scale investors, often termed "whales," have aggressively accumulated over $1.37 billion worth of ETH in just three days. This substantial buying activity, occurring as the asset consolidates below the $3,400 mark, signals strong underlying confidence among smart money.
Whale Accumulation Signals Long-Term Confidence
On-chain data from Lookonchain reveals that Ethereum whales collectively acquired 394,682 ETH, worth approximately $1.37 billion, over the past three days. This aggressive accumulation took place as Ethereum prices were consolidating below $3,400, following a sharp sell-off earlier in the week. Historically, such significant buying during market pullbacks indicates that deep-pocketed investors view the downturn as a strategic buying opportunity rather than a sign of a prolonged reversal. This behavior suggests a long-term conviction in Ethereum's fundamentals, contrasting sharply with the fear-driven sentiment prevalent across the broader market.
Navigating Key Technical Levels for a Potential Rebound
Ethereum has found temporary relief after Tuesday's sharp sell-off, which briefly dragged prices below $3,100, testing multi-week lows. The asset located support at its 200-day moving average—a crucial long-term dynamic support zone known to act as a springboard during corrective phases. Currently trading around $3,380, ETH bulls face immediate resistance near the $3,500-$3,600 range, where the 50-day and 100-day moving averages are converging. A sustained build-up of buying pressure, combined with strong on-chain inflows and reduced leverage, could act as a catalyst for a breakout towards the $3,800 range by mid-November. Conversely, if Ethereum fails to hold above the 200-day moving average, it could trigger further weakness, potentially sending the price towards $3,000 or even $2,850, where previous demand zones are established.
