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

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

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 by 36,437 (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)

at 33. Should the price fall below $3,057, it could toward the $2,850 mark, a historically significant support area. At the same time, resistance at the 200-day EMA of $3,660 , with recent failures at this point adding to short-term market doubts.

Nonetheless, whales are taking advantage of the market weakness.

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

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

ETFs have seen $107.1 million in net outflows, ETFs attracted $523.9 million in inflows, hinting at a possible shift toward BTC . Meanwhile, Canary's XRP ETF in trading volume, pointing to renewed demand for altcoin investments. On the supply front, Ethereum's deflationary mechanics , with staking rewards averaging 4.1% and inflation staying under 1%.

Wider market conditions add to the unpredictability.

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