Despite ether (ETH) prices falling, whales continue to buy hundreds of thousands of ETH, raising hopes for a short-term recovery.

Key takeaways:

• Ethereum whale increases ETH holdings to $1.3 billion, signaling accumulation.

• Whales, BitMine and ETFs are adding billions of dollars in ETH, strengthening bullish demand.

• A V-shaped recovery pattern is emerging, targeting an ETH price of $4,000.

Ethereum whales are buying the dip

In response to last week’s market correction, ethereal whales took advantage of the ETH price drop to $3,000.

According to data from Arkham Intelligence, the unknown whale has accumulated over 385,000 ETH worth $1.38 billion in the last 10 days.

Related: Institutions must rely on Ether for decentralized infrastructure

“This whale currently holds $563.9 million in ETH directly through spot holdings and $818.7 million in a lending position on AAVE” – blockchain analytics platform he said in a Wednesday post on X, adding:

“Just today added another $105.36 million in ETH.”

Whale also borrowed $270 million worth of stablecoins from decentralized lending platform Aave to potentially expand its position in ETH, Arkham Intelligence added.

In addition to this whale, Lookonchain noted that another whale is also borrowing to purchase ETH, with “$83,816 ETH ($288.6 million) deposited on Aave and borrowed $122.89 million in stablecoins.”

Apart from that #66kETHPorrow whale, another whale 0x9992 also borrows to buy more $ETH!

2 hours ago 0x9992 borrowed 10M $USDC from Aave to buy 2909 $ETH.

Currently, there are 83,816 of them $ETH($288.6M) deposited on Aave and borrowed $122.89M in stablecoins.… pic.twitter.com/ZxFsQaexqo

— Lookonchain (@lookonchain) November 12, 2025

These moves coincide with BitMine’s continued push into Ethereum. Over the past week, the company added 110,288 more ETH, bringing its total holdings to 3.5 million ETH (worth approximately $12.5 billion), thus strengthening its position as the largest corporate holder of ETH.

This reinforces the narrative that whales and institutions see the recent drop in ETH prices as a good entry opportunity.

Could the ETH price return to $4,000?

Technically, Ether’s price action is creating a potential V-shaped recovery pattern on the daily chart, as shown below.

ETH retests the 100-day plain moving average (SMA) at $3,450. Bulls need to push the price above this level to augment the chances of the price rising to the neck at $4,172 and completing the V-shaped pattern.

Such a move would represent a 21% augment over the current price.

Several analysts believe ETH could rise to $4,000 before December, citing the breaking of the falling wedge, falling currency supply and Ethereum’s $200 billion tokenized economy.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.