Ethereum whales are buying ETH in large blocks while the price trades near an important support level. Two whales deployed tens of millions of dollars, but the chart still points to short-term bearish momentum.
Ethereum whales are buying ETH aggressively while the price trades close to an important support level, according to U.Today. The purchases come as ETH tries to stabilize after a sharp correction.
Two whales add ETH within hours
On-chain data shows one unidentified whale spent $62.97 million over just five hours to acquire 27,553 ETH at an average price of $2,286 per token.
Another whale showed similar behavior. The wallet starting with 0x9EcA deployed 37.96 million USDC within two hours to buy 16,658 ETH at an average price of $2,279.
The wallet reportedly kept accumulating after those transactions, which suggests sustained buying interest despite market uncertainty. U.Today notes that the speed and size of the trades might reflect institutional activity rather than routine retail buying, and that such transactions usually occur ahead of potential market recoveries.
ETH trades below key moving averages
The chart, however, presents a challenging technical picture. At the time of the November 2 snapshot, ETH traded near $2,288, after a significant retreat from its October highs around $2,800.
Ether has slipped beneath several important moving averages, which indicates that short-term bearish momentum continues to dominate, the report says. It also trades below its longer-term moving average near $2,320, with additional resistance around $2,350–$2,450.
The Relative Strength Index is hovering near the lower end of its neutral range. That suggests weakening selling pressure, but it offers limited confirmation of an immediate bullish reversal.
On the downside, the $2,200–$2,250 region is an important support zone that buyers must defend to prevent further deterioration. A sustained recovery above $2,350 could improve the short-term outlook and potentially open the door toward $2,450 and beyond.
Source: U.Today
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