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