Ethereum is trading at a critical juncture after briefly losing the $3,200 level as bulls struggle to defend it in the face of increasing selling pressure. The broader crypto market remains tense, as fear and uncertainty continue to weigh on sentiment following days of steady declines in major assets. Traders are closely watching whether Ethereum can stabilize above this key support zone – if not, it could trigger a deeper correction towards the $3,000 zone.
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Despite the mounting pressure, a major Ethereum whale – known for a series of large-scale purchases this month – continues to accumulate aggressively. This investor consistently added to his position even as the price declined, signaling strong long-term confidence in Ethereum’s fundamentals and recovery potential.
This divergence between short-term fear and long-term accumulation paints a complex picture for Ethereum. While near-term volatility remains a concern, continued buying by large holders could lay the foundation for a more sustained rebound once market conditions stabilize and sentiment improves.
Ethereum Whale continues to buy despite market turbulence
According to data from Lookonchain, the prominent Ethereum investor known as Whale ’66kETHBorrow’ continued its large-scale accumulation despite the current market downturn. Earlier today, the whale purchased 19,508 ETH worth approximately $61 million, expanding its already massive position built over the past week.
Shortly after, an update revealed another purchase – 16,937 ETH valued at $53.91 million – bringing its total accumulation since November 4 to 422,175 ETH, worth approximately $1.34 billion at an average price near $3,489. Despite the recent price decline, the whale is currently sitting on over $120 million in unrealized losses but continues to double its exposure to Ethereum.
This aggressive strategy indicates strong long-term confidence, as the investor appears unfazed by short-term volatility. Market observers suggest that this accumulation pattern could signal institutional-level belief that current Ethereum prices represent a strategic buying zone.
While retail sentiment remains cautious amid heightened uncertainty, the whale’s continued activity underscores a broader trend: big players are quietly accumulating, positioning themselves for a potential recovery once macroeconomic conditions stabilize and risk appetite returns to the crypto market.
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ETH struggles below $3,300 as selling pressure intensifies
Ethereum is currently trading around $3,200, facing renewed selling pressure after briefly reclaiming the $3,400 area earlier this week. The daily chart shows that ETH is struggling to hold above its 200-day moving average (red line) – a key support level that often defines long-term market structure. A decisive close below this line could confirm a deeper correction phase.
The 50-day and 100-day moving averages continue to decline, reinforcing the bearish near-term outlook. If Ethereum fails to regain momentum, the next major support lies near $3,000, followed by $2,850, where buyers previously stepped in during the summer consolidation. Conversely, a recovery above $3,400 to $3,500 would be the first signal of the return of bullish momentum.
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Despite the pullback, analysts point out that large holders – including whale #66kETHBorrow – continue to accumulate ETH, signaling strong conviction in the asset’s long-term potential. For now, Ethereum’s trend remains fragile and bulls must defend the $3,000 region to avoid further bearish momentum.
Featured image from ChatGPT, chart from TradingView.com
