Ethereum Faces Critical Wave 4 Correction as Whale Purchases Surge

Ethereum (ETH) has entered a period of market consolidation in November 2025, reflecting a Wave 4 correction after a strong Wave 3 rally. Ethereum’s price has seen modest gains, reaching around $3,875, signaling optimism.

However, the market is now confronting potential risks that could either support continued growth or lead to a reversal.

Whale Activity Indicates Renewed Optimism

Ethereum whales have resumed buying, as indicated by recent data from Santiment. In the past 48 hours, whale wallets have accumulated 200,000 ETH, valued at approximately $775 million at current prices.

This is a notable development, as whale activity often serves as an indicator of institutional interest and market confidence.

Additionally, retail traders have shown increased participation. The Money Flow Index (MFI), which tracks money inflows, has been rising since October 28, signaling that smaller investors are also positioning for a potential upside.

Death Cross Threat Could Weaken Momentum

Despite the positive signs from whales and retail traders, Ethereum faces the potential threat of a “death cross.” This occurs when a short-term moving average, such as the 20-day exponential moving average (EMA), crosses below a longer-term average, like the 100-day EMA.

This technical pattern often signals a shift towards bearish sentiment, and a repeat of a similar event from mid-October could lead to further price corrections.

If this death cross is confirmed, Ethereum could experience a short-term decline of up to 4.9%, potentially testing support levels near $3,680. Should selling pressure increase, the price could dip further to $3,446.

However, a failure of the death cross to materialize would allow the market to remain stable and possibly resume upward momentum.

Institutional Accumulation Strengthens Long-Term Outlook

In addition to whale and retail activity, institutional buyers are also contributing to Ethereum’s recovery. Bitmine Immersion Technologies has been actively acquiring Ethereum, purchasing approximately $29.28 million worth in a single day through Galaxy Digital’s over-the-counter desk.

This consistent accumulation, which has been ongoing at a pace of $200–$300 million per week, adds to the bullish sentiment surrounding Ethereum.

Long-term technical patterns also support Ethereum’s prospects. Analysts note that the broader chart structure remains bullish, with Ethereum having recently broken out of a 4.5-year descending wedge. This suggests the potential for further gains in the future, provided the current momentum holds.