Ethereum Whale Expands Position By 36,437 ETH – Total Now $1.34B

Ethereum is currently experiencing significant volatility as it hovers around the $3,200 level. Bulls are struggling to maintain this price amidst increasing selling pressure, with market sentiment remaining cautious due to ongoing declines in major assets.

An Ethereum whale, known as Whale '66kETHBorrow', continues to accumulate large amounts of ETH despite the market downturn, indicating confidence in Ethereum's long-term potential.
The whale recently purchased 19,508 ETH valued at approximately $61 million, followed by an additional 16,937 ETH for $53.91 million, totaling 422,175 ETH since November 4.

The whale's strategy suggests a belief that current prices offer a strategic buying opportunity, even as they face over $120 million in unrealized losses.

Ethereum Market Dynamics

ETH struggles below the $3,300 mark after earlier attempts to reclaim the $3,400 zone.
The 200-day moving average remains a critical support level; failure to hold above it may lead to a deeper correction toward $3,000.
Short-term bearish outlook persists with downward-trending 50-day and 100-day moving averages.
Potential support levels are at $3,000 and $2,850, while recovery above $3,400–$3,500 could signal a return of bullish momentum.

Despite current challenges, the continued accumulation by large holders indicates strong conviction in Ethereum’s long-term prospects. The situation remains fragile, with bulls needing to defend key support levels to prevent further declines.