Ethereum Whale Makes $121 Million Bet as ETH Price Nears Critical Support Zone

A single crypto whale just dropped a staggering $121 million on Ethereum—right as the price teeters on a key technical ledge. This isn't just a trade; it's a high-stakes declaration of faith in the network's future.

The Whale's Gambit

Forget retail sentiment. When an entity moves nine figures, the market pays attention. This buy order, executed in one fell swoop, suggests a major player sees more upside than risk at current levels. It's a classic 'buy the dip' play, but on a scale that moves markets.

Support in the Crosshairs

All eyes are on that crucial support level. Will it hold, or will it break? The whale's massive purchase acts like a concrete slab poured underneath the price floor—an attempt to reinforce it through sheer capital weight. Technical analysts are now watching for a bounce, while skeptics wait for a breakdown.

What the Big Money Knows

Whales don't throw around $121 million on a whim. This move likely factors in upcoming network upgrades, institutional adoption pipelines, or a simple belief that the current fear is overblown. It's a bet against the crowd, a reminder that while retail traders check charts, big money often writes the next candle.

So, is this the smart money leading the way, or just another finance bro making an expensive guess? Time will tell. But one thing's certain: when the water gets choppy, the biggest fish start to feed.

Ethereum Whale Accumulates Massive ETH

According to data provided by Lookonchain, the “66kETHBorrow Whale” has been actively trading. This whale had previously accumulated 528,272 ETH (approximately $1.57 billion) and recently accumulated another 40,975 ETH (approximately $121 million) in just five hours.

Starting from November 4, it has accumulated 569,247 ETH (approximately 1.69 billion), and it has also borrowed 881.5 million of that from Aave.

Ethereum Approaches Critical 200-Day EMA

Meanwhile, crypto analyst CryptoPulse has pointed out that ethereum will soon test its 200-day exponential moving average. According to the analyst, ETH has shown reduced momentum in its price action in recent market sessions, which may trigger a test of the mentioned technical level.

A bounce from the 200 EMA could stabilize the price and ensure the maintenance of the current structure. But if Ethereum dips below the level, it might target the region of $2,000-$2,100, where the monthly fair value gap might be closed.

At the time of writing, ETH is trading at $2,932, with a 24-hour trading volume of $33.40 billion and a market capitalization of $355 billion. Over the last 24 hours, the ETH price has dipped by 1.07%, showing some short-term downward pressure.

Ethereum Weekly Momentum Turns Weak

The RSI for ETH on a weekly chart is 41.76, below 50, indicating a weakening in buyers. The RSI has fallen from its peaks, indicating a weakening in momentum. On an MA Ribbon chart, the price is below all SMAs of 20, 50, and 100 weeks. The 200 SMA at 2,456 acts as a support for Ethereum.

The MACD is certainly bearish, as indicated by a MACD line of -99.86 and a signal line of 68.86, below zero. The histogram is at -168.72. The setup points towards a continued prevalence of selling pressures, and any strong bullish reversal indication is not seen.

Overall, ETH retains its appeal for large-scale investors, while investors are watching for the reaction of the prices at critical support levels.