According to CoinDesk Research’s technical analysis data model, ether fell 3.3% to $3,331 in the last 24 hours, breaking below the key $3,400 support level despite evidence of aggressive whale accumulation.
The decline wiped out recent gains as sellers overwhelmed buyers at crucial price points. ETH saw a lower high structure, with a rejection near $3,415, followed by a sharp drop below $3,400. Volume spiked as the bears took control, reinforcing the bearish technical setup.
However, on-chain data revealed a surprising divergence: large holders accumulated 394,682 ETH (worth approximately $1.37 billion) during the crash. Whale activity occurred between $3,247 and $3,515, suggesting that institutional buyers viewed the pullback as a strategic entry point rather than a sign of prolonged weakness.
Intraday trading saw high volatility, with ETH registering a swing of $207 for a range of 6%. Peak selling pressure occurred at 15:00 UTC on November 6, when volume increased to 539,742, 145% above the 24-hour average. This confirmed that large-scale sales, and not retail panic, caused the collapse.
ETH also struggled to reclaim the $3,350 resistance in the final hours of the analysis window. Combined with the sequence of lower highs from the cycle peak of $3,920, this left the technical structure damaged, although some analysts pointed to the accumulation trend as a potential sign of a near-term reversal.
As far as fundamentals are concerned, daily active addresses are still down 24% since mid-August, although Ethereum’s throughput recently hit a record 24,192 transactions per second, reflecting the resilience of the network’s infrastructure.
Looking ahead, traders are watching to see if ETH can hold the $3,247 support zone. A drop towards $3,200 could invite more selling, while a bounce above $3,480 would begin to neutralize the breakout pattern.
Disclaimer: Portions of this article were generated with the help of artificial intelligence tools and were reviewed by our editorial team to ensure accuracy and compliance. our standards. For more information, see CoinDesk’s full AI policy.
