Ether slipped below $3,400 to $3,331 as large-scale selling pressure took hold. Despite the dip, whales scooped up over $1.37 billion worth of ETH, raising speculation of a strategic entry by institutions amid heightened volatility.
Ether fell 3.3% to $3,331, breaking the crucial $3,400 support level. This marked a sharp reversal from recent gains as sellers gained control at key price points.
The decline followed rejection near $3,415 and a pattern of lower highs, indicating a bearish technical setup.
Large holders, known as whales, purchased 394,682 ETH, valued at $1.37 billion, within the price range of $3,247 to $3,515.
This surge in whale activity contrasted the general market downtrend, hinting at strategic accumulation rather than capitulation.
Massive Volume Spike Signals Institutional Moves
Trading volume surged to 145% above the average during the drop, indicating significant institutional activity driving the market.
The highest selling pressure was recorded at 15:00 UTC on November 6, with a volume spike to 539,742, far above normal levels.
This pattern suggests that large-scale traders, not retail investors, orchestrated the breakdown.
ETH exhibited a lower-high pattern and struggled to reclaim the $3,350 resistance in late trading, highlighting a fragile technical condition.
Yet, on-chain data reveals that these big investors took advantage of the dip, accumulating ETH worth approximately $1.37 billion.
During the trading day, ETH displayed heightened volatility, with price swings reaching $207 or roughly 6% of its value.
This volatility underscores the tug of war between sellers and institutional buyers, making the market highly reactive.
Ethereum's Network Activity and Future Outlook
Network fundamentals show resilience despite price drops. Daily active Ethereum addresses are down 24% since mid-August, but transaction throughput recently hit a record 24,192 transactions per second, demonstrating steady network use and robustness.
Looking forward, traders are closely watching the $3,247 support zone. A further dip toward $3,200 could trigger more selling pressure, while reclaiming levels above $3,480 might stabilize the market and counteract the bearish momentum.
Ether’s plunge may spur renewed interest among institutional players who view the current levels as a buying opportunity, suggesting this downturn might present a short-term entry point rather than a long-term decline.
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Ether Slumps as Whales Buy $1.37B
Ether dropped 3.3% to $3,331, breaking support, while whales bought $1.37B worth. Volume surged, signaling possible institutional entry.