Ether (ETH) showed a strong 29% price surge last week, surpassing the $3,000 mark for the first time since August. However, the rally has slowed down despite Bitcoin (BTC) gaining 13% in the past few days.
ETH/USDT Weekly Chart
While Ethereum price has only increased by 0.66% since November 11, data shows that whales are looking at current prices as an opportunity for long-term accumulation.
“New” Whale Buys $23.44 Million ETH
During Q3, whale activity in the Ethereum ecosystem was very active as many wallets actively sold ETH to the market. With the price of ETH increasing by 23% in Q4, a new whale address appeared.
Lookonchain, an on-chain wallet tracking platform, posted on X that a “new” whale wallet has accumulated 7,389.5 ETH, equivalent to $23.44 million, in the past 24 hours.
The wallet has been active since November 9, and has since purchased over 18,000 ETH at an average price of $3,201, currently worth $57.8 million.
Ethereum Whale Wallet Data
It is worth noting that this wallet only holds Ethereum and $19.3 million in Tether (USDT). Therefore, if the ETH price drops to an attractive level, the whale will likely continue to accumulate more.
Some whale wallets have also traded large volumes of ETH in the past
Bitcoin Magazine previously reported that an ETH whale from 2016 cashed out over $30 million in profits from an initial $38,000 investment, for an 80,000% return. The wallet moved 11,000 ETH in a single transaction when ETH was around $2,777.
Similarly, another ETH wallet address that accumulated 23,743 ETH at an average price of $11 from August 2017 to November 2018 transferred 6,250 ETH, equivalent to $20 million, to Kraken on November 14.
Ethereum ICO whales have a history of selling their ETH on Kraken based on past activity.
Ethereum faces “strong resistance” at $3,500
Despite Bitcoin’s price discovery this week, Ethereum has yet to surpass its previous all-time high (ATH) from 2021. As such, the altcoin continues to face strong resistance, especially when compared to its current ATH of $4,878.
Independent analyst Eddie said that ETH's recent rally to $3,450 has precisely approached the 0.618 Fibonacci level from the ATH to the 2022 low. This Fibonacci level is also located in the supply zone between $3,550-$3,050.
Eddie's Daily Ethereum Chart Analysis
He commented:
“ETH faces strong resistance at the next key supply zone from $3,100-$3,500, which is expected to require more price action to overcome.”
Technically, Ethereum has closed the last two daily trading sessions with a bearish bias, and is now poised to retest the fair value gap (FVG) between $3,072 and $2,987 on the daily chart.
ETH/USDT Daily Chart
This range includes an order book and support from the 50-day EMA on the four-hour time frame. Therefore, ETH has the potential to bounce from $3,000 if the altcoin regains momentum from its first area of interest.
