Over the past 24 hours, Ethereum’s (ETH) price experienced a 3.3% decline, dropping to $3,331 and falling below the crucial $3,400 support level. Despite the selling pressure, blockchain data reveals that large investors are capitalizing on this dip. A total of 394,682 ETH, valued at approximately $1.37 billion, were accumulated by whales within the $3,247 to $3,515 range, indicating strategic positioning amid short-term technical weakness.
Technical Overview of Ethereum
Following a retracement around $3,415, ETH lost its $3,400 support, intensifying its downward momentum. According to data, price action confirmed a bearish trend marked by lower peaks, with the heaviest selling occurring at 6 PM on November 6th. During this time, trading volume soared to 539,742 ETH, surpassing the 24-hour average by 145%. This sharp increase in volume suggests that institutional-scale transactions were steering the market rather than individual investor sales.
The altcoin giant attempted to retest the $3,350 resistance during the final part of the trading session but failed. The downward structure from the previous peak at $3,920 continues to maintain a compromised technical outlook.
Whale Activity and Blockchain Dynamics
Amid intense selling, a notable contrast emerged. Blockchain data reveals that large addresses amassed 394,682 ETH, primarily within the $3,247–3,515 range. This scenario suggests that major players view the decline as a long-term entry opportunity.
In terms of fundamental indicators, the number of active daily addresses has decreased by 24% since mid-August. However, Ethereum’s network transaction capacity reached an all-time high of 24,192 transactions per second. Analysts believe that maintaining support at $3,247 could bring short-term price stability, while surpassing $3,480 could alleviate selling pressure.