Ethereum has spent the past few weeks under selling pressure, falling to the lower end of its five-month trading range as overall market sentiment weakens. However, this decline has opened up an opportunity that large investors rarely ignore. As ETH trades near $2,730, blockchain data shows whales are aggressively consolidating the coin, a sign that deep-pocketed buyers see this correction as an opportunity rather than a sign of weakness.
CryptoQuant data shows that the average spot order volume increased throughout November despite the sharp price decline. In this context, an address from one of the wallets known as “66,000 Borrower Whale” purchased $162.7 million worth of Ethereum (Ethereum) via the Binance platform, bringing its holdings to 432,718 ETH, worth approximately $1.23 billion.
Three other mega wallets also purchased a total of 9,974 ETH (worth approximately $30 million), while Tom Lee’s company Bitmine collected 17,242 ETH worth $49 million. In total, whales gobbled up approximately $241.8 million worth of Ethereum, most of which occurred during the most severe phases of the decline.
Trading platform supply fell to 55-month low
This accumulation coincides with a significant drop in the number of Ethereum coins available on exchanges, with CryptoQuant data showing that reserves have fallen to 15.6 million ETH, the lowest level in over four years. This type of reduced supply generally means lower selling liquidity and less ability to absorb any additional downward pressure.
When low supply is combined with heavy buying by large investors, it often suggests an “early accumulation phase” rather than a continuation of the downtrend.
The most important indicators that support the low supply narrative:
- Trading platform reserves now at 55-month low
- Whale investments concentrated at the lowest price levels in several months
- Institutional pooling increases despite market weakness
Ethereum Price Technical Analysis: Testing Recent Support Zone
Ethereum price forecast has broken the uptrend line since March and is currently trading within a broad downtrend that often forms during the latter stages of a decline. The candles exhibit long lower tails, reflecting the sellers’ inability to push the price below the support zone at $2,630.
The relative strength index (RSI) at 27 is one of the most oversold numbers of 2025, indicating clear “exhaustion” among sellers and the possibility of an imminent rebound.
If buyers can protect the $2,630 level, the price could head towards the $2,900-$3,060 level and then retest the upper border of the wedge at $3,214, and a close above the 20-day moving average (20-day EMA) represents a strong signal of a momentum reversal.
Ethereum Trading Strategy and Reversal Potential
For new traders, a simple setup is to wait for a bullish reversal candle to appear in the demand zone at $2,630, such as a Hammer, Engulfing, or Long-Wick Doji. A close above $2,780 is stronger confirmation of targeting the $3,060, $3,214, and $3,653 levels.
However, if the overall market mood stabilizes and Ethereum regains the mid-trend resistance level, the overall structure still supports a mid-term return towards $4,242 by 2026.
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