Ethereum Whales Accumulate $1.37B ETH Amid Market Volatility

According to data from Lookonchain, Ethereum whales have collectively purchased 394,682 ETH, valued at approximately $1.37 billion, over the past three days. This wave of large-scale accumulation occurred as ETH prices consolidated below $3,400, indicating that deep-pocketed investors are positioning themselves ahead of a potential market rebound. The scale and speed of this buying activity are particularly noteworthy given the broader market’s fear-driven behavior following Tuesday’s sharp selloff.

Historically, whale accumulation during periods of widespread fear and weak price action has often preceded strong market rebounds. This pattern suggests that institutional and long-term capital typically steps in when retail sentiment weakens, absorbing supply from shaken-out traders. The current aggressive accumulation by Ethereum whales reinforces the idea that these sophisticated entities expect ETH to outperform once selling pressure subsides, viewing the recent price correction as an attractive entry point rather than a signal of deteriorating fundamentals.

From a technical perspective, Ethereum found critical support at its 200-day moving average around $3,100 after Tuesday’s decline brought prices to multi-week lows. This long-term dynamic support has historically acted as a springboard during corrective phases, providing a foundation for potential recovery. As of the latest trading, ETH was trading around $3,380, showing modest rebound attempts as bulls work to reclaim the $3,350 level—a short-term resistance zone that could determine the asset’s near-term direction.

The immediate technical challenge for Ethereum bulls lies in the $3,500-$3,600 range, where the 50-day and 100-day moving averages converge. This resistance area has repeatedly rejected upward moves since late October and will likely define short-term price direction. A decisive break above these moving averages could shift momentum back in favor of the bulls, potentially opening the door for a recovery toward the $3,600-$3,800 range. Conversely, failure to hold above the 200-day moving average could trigger further weakness toward $3,000 or even $2,850, where previous demand zones exist.

The recent market activity highlights the contrasting behaviors between different market participants. While retail traders reacted to Tuesday’s sharp selloff with fear-driven selling, large investors demonstrated confidence through substantial accumulation. This divergence in behavior is characteristic of market bottoms, where smart money typically accumulates assets while weaker hands capitulate. The combination of whale buying, improving on-chain inflows, and reduced leverage across the crypto market could act as catalysts for a sustained recovery if ETH maintains key support levels.

Looking ahead, Ethereum’s ability to maintain momentum above critical technical levels will be crucial for determining whether the current stabilization evolves into a broader recovery. If buying pressure continues to build, particularly from institutional and whale participants, ETH could establish the foundation for a sustained upward move heading into mid-November. The $1.37 billion whale accumulation serves as a strong vote of confidence in Ethereum’s network fundamentals, suggesting that major holders anticipate an impulsive phase—a sharp price move driven by renewed liquidity and recovering market sentiment once current selling pressure fades.