Ethereum broke through significant demand levels and slipped to the $2,660 area, its lowest point in months. This drop signals a clear loss of bullish control as fear ripples through the market. Traders who once expected a strong rally are now reassessing their positions, and sentiment across social and on-chain indicators has shifted sharply to panic. Yet even amid this environment of capitulation, the first signs of potential resilience are beginning to emerge.
According to Lookonchain, one of the most closely watched Ethereum whales – known as “66kETHBorrow” – has aggressively doubled down on its strategy. First, he accumulated 57,725 ETH worth $162.77 million, a move that caught the attention of analysts during the biggest sell-off. Hours later, he added another 7,837 ETH ($21.9 million) to his position, showing unwavering conviction despite the market turmoil.
This aggressive accumulation stands in stark contrast to the broader fear dominating Ethereum holders. As retail traders capitulate and leveraged positions are eliminated, strategic buyers appear to be stepping in. For many analysts, this type of behavior has historically hinted at the early formation of local troughs.
Whale Accumulation Signals Conviction Amid Ethereum Bearish Slide
According to new data from Lookonchain, the whale known as “66kETHBorrow” has now amassed an extraordinary 440,558 ETH, worth approximately $1.23 billion. This makes him one of the largest individual Ethereum holders actively accumulating during the current downturn – and the size of his position sends a powerful signal to the market.
As Ethereum price continues to struggle below key support levels, this whale’s behavior stands in stark contrast to the fear-driven selling dominating retail traders. Instead of reducing exposure, he is adding aggressively, even though ETH charts are showing a steady downtrend and sentiment is reaching extreme pessimism. Historically, this type of massive accumulation during panic phases has often aligned with the early stages of trend reversals or the formation of local bottoms.
The reason is simple: big players generally operate based on long-term convictions and not short-term volatility. Their willingness to increase exposure at a time when most investors are capitulating is often interpreted as a strong vote of confidence in Ethereum’s fundamentals and future valuation.
ETH Falls Below Key Levels
Ethereum broke through key support levels, sliding towards the $2,660 area, decisively demonstrating market weakness. The chart shows a clear downtrend that has formed over the past few weeks, with ETH consistently showing lower highs and lower lows as selling pressure accelerates. The 50-day and 100-day moving averages have moved below the 200-day moving average, forming a bearish alignment that signals extended bearish momentum.
Volume spikes during selloffs highlight growing liquidation pressure, confirming that the decline is due to aggressive sellers rather than passive drift. Ethereum attempted minor rebounds throughout November, but each rebound was rejected at descending resistance levels, showing a clear lack of bullish conviction.
For now, the price is struggling to hold around $2,700 – a critical psychological level that previously served as support during previous corrections.
A positive sign, however, is the emergence of notable buying interest from major players. Despite the bearish structure, volume patterns show occasional accumulation on deeper lows, suggesting early attempts to form a local bottom. Nonetheless, ETH remains vulnerable unless it manages to reclaim the 50-day moving average and stabilize above $3,000.
Featured image from ChatGPT, chart from TradingView.com
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