According to technical analysis data models from CoinDesk Research, Ether Despite evidence of aggressive whale accumulation, it fell 3.3% over the past 24 hours to $3,331, falling below the key $3,400 support level.
The decline erased recent gains as sellers overwhelmed buyers at key price points. ETH posted a lower-high structure with rejection near $3,415, followed by a sharp decline below $3,400. Volume increased as the bears came under control, strengthening the bearish technical mechanism.
Yet on-chain data revealed a surprising deviation: Large holders accumulated 394,682 ETH during the decline – worth about $1.37 billion. 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 long-term weakness.
Intraday trading saw high volatility, with ETH swinging 6% to $207. Maximum selling pressure reached 15:00 UTC on 6 November, when volume reached 539,742—145% above the 24-hour average. This confirmed that massive selling, not retail panic, led to the decline.
ETH also struggled to reclaim the $3,350 resistance in the final hours of the analysis window. Combined with the lower-high sequence from the $3,920 cycle peak, this damaged the technical structure, although some analysts pointed to the accumulation trend as a potential sign of a near-term reversal.
On fundamentals, daily active addresses are down 24% from mid-August, although Ethereum throughput recently reached a record of 24,192 transactions per second, reflecting resiliency in the network infrastructure.
Looking ahead, traders are watching if ETH can hold the $3,247 support area. A drop towards $3,200 could invite further selling, while a bounce above $3,480 would start to neutralize the breakdown pattern.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance Our standards. For more information see CoinDesk’s full AI policy.