Ethereum is at a critical juncture after briefly losing the $3,200 level, with bulls struggling to defend it amid mounting selling pressure. The broader cryptocurrency market remains in a challenging situation as fear and uncertainty continue to weigh on sentiment after days of steady declines in major assets. Traders are closely watching whether Ethereum can settle above this key support zone – failure to do so could result in a deeper correction towards the $3,000 area.
Despite mounting pressure, one of Ethereum’s top whales – known for a series of large-scale purchases this month – continues to accumulate aggressively. This investor has consistently strengthened its position even as the price has fallen, signaling sturdy long-term confidence in Ethereum’s fundamentals and recovery potential.
This discrepancy between short-term fear and long-term accumulation paints a intricate picture for Ethereum. While short-term volatility remains a concern, continued buying by huge bondholders could set the stage for a more sustained rebound as market conditions stabilize and sentiment improves.
Ethereum Whale continues to buy despite market turmoil
According to data from Lookonchain, a prominent Ethereum investor known as Whale “66kETHPloan” continued large-scale accumulation despite the ongoing market downturn. This morning, the whale purchased 19,508 ETH worth approximately $61 million, expanding its already massive position built over the past week.
Shortly thereafter, the update revealed another purchase – 16,937 ETH worth $53.91 million – bringing its total accumulated since November 4 to 422,175 ETH worth approximately $1.34 billion at an average price of nearly $3,489. Despite the recent price decline, the whale currently has over $120 million in unrealized losses, but is still doubling down on Ethereum exposure.
This aggressive strategy indicates high long-term confidence as the investor appears unfazed by short-term volatility. Market observers suggest that this pattern of accumulation may signal a belief at an institutional level that current Ethereum prices constitute a strategic buying zone.
While retail sentiment remains cautious amid increased uncertainty, the whale’s consistent activity underscores a broader trend: huge players are quietly accumulating ahead of a potential recovery as macro conditions stabilize and risk appetite returns to the cryptocurrency market.
ETH remains below $3,300 as selling pressure intensifies
Ethereum is currently trading around $3,200, facing renewed selling pressure after briefly reclaiming the $3,400 zone earlier this week. The daily chart shows that ETH is struggling to stay above the 200-day moving average (red line) – a key support level that often determines 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 trend lower, strengthening the near-term bear outlook. If Ethereum fails to regain momentum, the next major support will be near $3,000 and then $2,850, where buyers entered earlier during the summer consolidation. Conversely, a rebound above $3,400-$3,500 would be the first sign of a return to upward momentum.
Despite the pullout, analysts emphasize that huge holders – including the #66kETHBorrow whale – continue to accumulate ETH, signaling sturdy confidence in the asset’s long-term potential. For now, the Ethereum trend remains brittle, and bulls need to defend the $3,000 region to prevent a further downtrend.
Featured image from ChatGPT, chart from TradingView.com
