According to CoinDesk Research’s technical analysis data model, ether fell 3.3% to $3,331 over the past 24 hours, falling below the key $3,400 support level despite evidence of aggressive whale accumulation.
The decline erased recent gains as sellers overwhelmed buyers at crucial price levels. ETH displayed a lower-high pattern, with a rejection near $3,415, followed by a strong breakout below $3,400. Volume climbed as the bears took control, reinforcing the bearish technical setup.
Yet on-chain data revealed a surprising divergence: large holders accumulated 394,682 ETH, worth around $1.37 billion, during the decline. Whale activity occurred between $3,247 and $3,515, suggesting that institutional buyers viewed the pullback as a strategic entry point rather than a signal of prolonged weakness.
Intraday trading saw high volatility with ETH seeing a change of $207 in a 6% range. Peak selling pressure reached 15:00 UTC on November 6, when volume surged to 539,742, 145% above the 24-hour average. This confirmed that it was large-scale sales, not retailer panic, that caused the collapse.
ETH also struggled to reclaim $3,350 resistance during the final hours of the analysis window. Combined with the low-high streak from the cycle high of $3,920, this damaged the technical structure, although some analysts have pointed to the accumulating trend as a potential signal of a near-term reversal.
On the fundamentals side, daily active addresses remain down 24% from mid-August, although Ethereum throughput recently hit a record 24,192 transactions per second, reflecting the resilience of the network infrastructure.
Looking ahead, traders are wondering if ETH can hold the $3,247 support zone. A decline towards $3,200 could prompt further selling, while a bounce above $3,480 would begin to neutralize the breakout trend.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance. our standards. For more information, see CoinDesk Comprehensive AI Policy.
