A whale associated with wallet address 0x9EcA made a notable move by transferring 37.96 million USDC in just two hours to acquire 16,658 $ETH, averaging around $2,279 per unit.
Interestingly, this wallet has reportedly continued to accumulate $ETH following these transactions, indicating persistent buying interest even amid market volatility.
The speed of these acquisitions suggests that they may be driven by institutional investors rather than typical retail traders. Such patterns often happen prior to anticipated market recoveries.
Ethereum Approaches Crucial Support Levels
The daily chart for Ethereum indicates a challenging technical landscape, despite the notable buying observed.
As of November 2, $ETH was priced around $2,288, following a substantial decline from its October peaks close to $2,800.
The cryptocurrency has fallen below several significant moving averages, highlighting that short-term bearish trends still dominate the market sentiment.
Specifically, Ethereum is trading beneath its long-term moving average, which is positioned around $2,320, with additional resistance evident in the $2,350 to $2,450 range.
The Relative Strength Index (RSI) is currently near the lower end of its neutral spectrum, indicating a reduction in selling pressure, yet it does not strongly confirm any imminent bullish reversal.
On the downside, the $2,200 to $2,250 range acts as a vital support zone that buyers need to uphold to avert further price declines. A steady recovery above $2,350 could enhance the short-term perspective, potentially paving the way toward $2,450 or higher.
The extent to which this accumulation leads to renewed bullish momentum will largely depend on overall market dynamics and Ethereum’s capacity to reclaim essential resistance levels.