Whales continue to buy ETH
Key support for Ethereum testing
Ethereum ( ETH ) is experiencing a wave of aggressive whale buying, with large investors investing tens of millions of dollars to purchase this second-largest cryptocurrency by market value. This buying spree comes at a time when market volatility has increased, and ETH is attempting to stabilize itself after a significant pullback.
Whales continue to buy ETH
According to the latest on-chain data, an unidentified whale spent $62.97 million in just 5 hours to buy 27,553 ETH, with an average purchase price of $2,286 per coin.
At the same time, another whale also exhibited similar buying behavior.
A whale with a wallet address of 0x9EcA used 37.96 million USDC to buy 16,658 ETH within two hours, at an average transaction price of $2,279 per coin.
It is worth noting that, according to reports, the wallet continued to increase its holdings of ETH after these transactions, indicating that despite the ongoing market uncertainty, there is still sustained interest from buyers.
Considering the large scale of these transactions and their rapid completion, these buying activities are likely to reflect institutional activity rather than ordinary retail trading. Typically, such transactions occur before a potential market rebound.
Key support for Ethereum testing
Despite a large amount of buying activity, Ethereum's daily chart still shows a rather challenging technical environment.
As of the chart snapshot on November 2nd, ETH was reported at $2,288, which is a significant drop from the high of around $2,800 in October.
This cryptocurrency has fallen below several important moving averages, indicating that bearish momentum still dominates the market in the short term.
It is particularly noteworthy that Ethereum is currently operating below its longer-term average, which is around $2,320; in addition, there is additional resistance in the range of $2,350 to $2,450.
The Relative Strength Index ( RSI ) is hovering at the lower edge of the neutral range, indicating that selling pressure is weakening, but it is not yet sufficient to confirm an immediate reversal upwards in the short term.
On the downside, the range of $2,200 to $2,250 is an important support level that buyers need to hold onto in order to avoid further weakness. If they can continue to recover above $2,350, the short-term outlook may improve, and there could be room to move towards $2,450 and higher levels.
Whether this wave of accumulation will translate into new bullish momentum will depend on the broader market environment, as well as whether Ethereum can once again break through key resistance levels.
