Ethereum News Update: Ethereum Reaches Pivotal Moment as Large Holders Accumulate Amid Weakening Technical Indicators

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Ethereum News Update: Ethereum Reaches Pivotal Moment as Large Holders Accumulate Amid Weakening Technical Indicators

Bitget-RWA2025/11/18 00:32

By:Bitget-RWA

- Ethereum (ETH) near $3,100 tests critical support as bearish technical indicators clash with aggressive whale accumulation of $53.91 million in a week. - Key metrics show price below 200-day EMA and RSI near oversold levels, while whale positions grew by 180K ETH amid $107M ETF outflows. - Institutional buyers like Tom Lee's BitMine add $29.14 million to holdings despite $120M unrealized losses, contrasting BTC's $523M ETF inflows. - Macroeconomic risks persist with Fed hawkishness and declining network

Ethereum (ETH) is currently challenging a major long-term support level as traders contend with a blend of negative technical patterns and significant whale buying. The altcoin, which is trading close to $3,100, has

experienced a 7% decline

over the past week, driven by weakening on-chain data and broader economic pressures. Despite this, large holders are resisting the downward movement, with one notable whale

increasing its stake

by 36,437

ETH

(worth $53.91 million) since November 4, raising their total assets to $1.34 billion. This contrast between short-term price swings and ongoing accumulation suggests the crypto market may be approaching a pivotal moment.

Technical signals point to continued bearish momentum. Ethereum's value has slipped beneath important moving averages, such as the 200-day EMA at $3,584, while the Relative Strength Index (RSI)

is lingering near oversold levels

at 33. Should the price fall below $3,057, it could

prompt a move

toward the $2,850 mark, a historically significant support area. At the same time, resistance at the 200-day EMA of $3,660

continues to pose a strong barrier

, with recent failures at this point adding to short-term market doubts.

Nonetheless, whales are taking advantage of the market weakness.

Insights from Arkham Intelligence and CryptoQuant indicate

that wallets holding between 10K and 100K ETH have collectively added 180K ETH in the last week. Notably, Tom Lee's BitMine has

become a significant purchaser

, acquiring 9,176 ETH ($29.14 million) from Galaxy Digital OTC and bringing its monthly total to 19,500 ETH. "This bold approach reflects strong long-term optimism," an analyst commented,

even though the whale currently faces $120 million

in unrealized losses.

Institutional moves add further complexity. While U.S. spot

Ethereum

ETFs have seen $107.1 million in net outflows,

Bitcoin

ETFs attracted $523.9 million in inflows, hinting at a possible shift toward BTC

as some analysts suggest

. Meanwhile, Canary's XRP ETF

launched with $58 million

in trading volume, pointing to renewed demand for altcoin investments. On the supply front, Ethereum's deflationary mechanics

are still in place

, with staking rewards averaging 4.1% and inflation staying under 1%.

Wider market conditions add to the unpredictability.

The Federal Reserve's firm policy stance

has reduced expectations for a rate cut in December, leading to $1.4 billion in net outflows from ETH ETFs since late October. Network activity has also

dropped to its lowest levels in years

, with both monthly active addresses and transaction fees falling sharply. Still, some experts draw comparisons to 2017,

observing that 17 million ETH

has shifted into accumulation wallets in 2025, boosting long-term holdings to 27 million ETH.

As Ethereum trades near a crucial support level, the balance between institutional accumulation and macroeconomic challenges will determine its short-term direction. With whales continuing to buy and ETF flows evolving, the market is waiting for a decisive event to resolve the current stalemate—whether that means a further decline or a lasting recovery.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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