Ethereum

when

Ether <a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/ethereum-price">(ETH)</a> demonstrated a strong 29% impulse move last week as it broke above $3,000 for the first time since August. However, its bullish momentum has slowed despite Bitcoin <a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/bitcoin-price">(BTC) </a>moving by 13% over the past few days.
<figure><img alt="Coinbase, Markets, Altcoin Watch, Ethereum Price, Whale, Ethereum ETF" src="https://s3.cointelegraph.com/uploads/2024-11/019329e7-6ac3-7a76-9b6e-532b8004dcb2" title="">
 <figcaption style="text-align: center;">
 Ethereum 1-week chart. Source: TradingView
 </figcaption>
</figure>
While Ethereum has been up by only 0.66% since Nov. 11, data suggests that whales are evaluating its current price point as a window of opportunity for long-term accumulation.
<h2 id="fresh-ethereum-whale-buys-23-44-million-in-eth">“Fresh” Ethereum whale buys $23.44 million in ETH</h2>
Throughout Q3, Whale activity was rampant in the Ethereum ecosystem as multiple wallets aggressively <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ethereum-whale-deposits-48-5-k-eth-roi" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/ethereum-whale-deposits-48-5-k-eth-roi">dumped</a> ETH on the market. With ETH prices surging by 23% in Q4, a new whale address has now surfaced.
Lookonchain, an onchain wallet tracker, <a data-ct-non-breakable="null" href="https://x.com/lookonchain/status/1856776343440224684" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://x.com/lookonchain/status/1856776343440224684">highlighted in an X post </a>that a “fresh” whale wallet had accumulated 7,389.5 ETH, or $23.44 million in value, over the past 24 hours.
This particular wallet became active on Nov. 9, and since then, it has bought over 18,000 ETH at an average price of $3,201, currently valued at $57.8 million.
<figure><img alt="Coinbase, Markets, Altcoin Watch, Ethereum Price, Whale, Ethereum ETF" src="https://s3.cointelegraph.com/uploads/2024-11/01932a2e-86a3-77da-a2ca-15e92edfe11d" title="">
 <figcaption style="text-align: center;">
 Ethereum whale wallet data. Source: etherscan.io
 </figcaption>
</figure>
Interestingly, the wallet <a data-ct-non-breakable="null" href="https://etherscan.io/tokenholdings?a=0x5d0d88bcece4947cb9a9b7e102767febfdbde996" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://etherscan.io/tokenholdings?a=0x5d0d88bcece4947cb9a9b7e102767febfdbde996">only holds</a> Ethereum and $19.3 million in Tether (USDT). Hence, the whale might accumulate more Ethereum if favorable price dips are presented.
Previously, Cointelegraph <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ethereum-trader-turns-38k-30m-after-8-year" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/ethereum-trader-turns-38k-30m-after-8-year">reported</a> that an ETH whale from 2016 had cashed in on an 80,000% return, making over $30 million from an initial investment of $38,000. The onchain address moved 11,000 ETH in a single transaction when ETH prices were around $2,777.
Similarly, another ETH address that&nbsp;amassed 23,743 ETH&nbsp;at an average price of $11 between August 2017 and November 2018 moved 6,250 ETH, or $20 million, to the Kraken exchange on Nov. 14.
Ethereum ICO whales <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ethereum-investor-diamond-hands-131-million-profit-eth-2022-bear-market" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/ethereum-investor-diamond-hands-131-million-profit-eth-2022-bear-market">have a record of selling</a> their ETH holdings on Kraken based on past activity.
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ethereum-trader-turns-38k-30m-after-8-year" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/ethereum-trader-turns-38k-30m-after-8-year">Related: Ethereum holder turns $38K into $30M after 8 years</a>
<h2 id="ethereum-faces-stiff-resistance-at-3-500">Ethereum faces “stiff resistance” at $3,500</h2>
While Bitcoin has undergone price discovery this week, Ethereum is yet to break above its previous all-time high (ATH) from 2021. Hence, the altcoin continues to witness overhead resistance, which retains macro structure importance concerning its current all-time high at $4,878.
In line with that, Eddie, an independent trader, <a data-ct-non-breakable="null" href="https://x.com/eddietradezz/status/1856806965042975030" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://x.com/eddietradezz/status/1856806965042975030">mentioned</a> that ETH’s recent price rally to $3,450 perfectly tapped the 0.618 Fibonacci line drawn per its all-time high and 2022 lows. The Fibonacci level also accompanied a supply zone between $3,550-$3,050.
<figure><img alt="Coinbase, Markets, Altcoin Watch, Ethereum Price, Whale, Ethereum ETF" src="https://s3.cointelegraph.com/uploads/2024-11/01932a62-7a9f-7229-9782-2e7dd41febc0" title="">
 <figcaption style="text-align: center;">
 Ethereum 1-day chart analysis by Eddie. Source: X.com
 </figcaption>
</figure>
The trader added,
<blockquote>
 “$ETH facing stiff resistance at the start of the next significant supply zone 3100-3500, expect more price work to get through it.”
</blockquote>
From a technical standpoint, Ethereum has closed its previous couple of daily candles on a drawdown, and it is currently looking primed to retest the fair value gap (FVG) between $3,072 and $2,987 formed on the daily chart.
<figure><img alt="Coinbase, Markets, Altcoin Watch, Ethereum Price, Whale, Ethereum ETF" src="https://s3.cointelegraph.com/uploads/2024-11/01932a68-5953-7052-a4c8-eaa577c321a2" title="">
 <figcaption style="text-align: center;">
 Ethereum 1-day chart. Source: TradingView
 </figcaption>
</figure>
The aforementioned range hosts an order block and support from the 50-EMA level in the four-hour chart. Hence, there is a likelihood that ETH might bounce from the $3,000 range if the altcoin regains bullish momentum from its first area of interest.
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ethereum-enters-scarcity-mode-paving-the-way-for-eth-rally-to-6-k-analyst" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/ethereum-enters-scarcity-mode-paving-the-way-for-eth-rally-to-6-k-analyst">Related: Ethereum enters ‘scarcity mode,’ paving the way for ETH rally to $6K — Analyst</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

New Ethereum whales arrive, but will their accumulation send ETH above $3.5K?

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