Ether Falls to $3,331 as Support Snaps Amid $1.37B Whale Accumulation

According to CoinDesk Research’s technical analysis data model, ether ETH$3,372.41 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.

ETH-USD 1-Month Chart (CoinDesk Data)

The decline wiped out 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 breakdown below $3,400. Volume spiked as bears took control, reinforcing the bearish technical setup.

Yet on-chain data revealed a surprising divergence: large holders accumulated 394,682 ETH—worth approximately $1.37 billion—during the decline. Whale activity occurred between $3,247 and $3,515, suggesting institutional buyers viewed the pullback as a strategic entry point rather than a signal of prolonged weakness.

Intraday trading saw elevated volatility, with ETH registering a $207 swing for a 6% range. Peak sell pressure hit at 15:00 UTC on Nov. 6, when volume surged to 539,742—145% above the 24-hour average. This confirmed that large-scale selling, not retail panic, drove the breakdown.

ETH also struggled to reclaim $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, though some analysts pointed to the accumulation trend as a potential signal for a near-term reversal.

On the fundamentals side, daily active addresses remain down 24% from mid-August, though Ethereum throughput recently reached a record 24,192 transactions per second, reflecting resilience in network infrastructure.

Looking ahead, traders are watching whether ETH can hold the $3,247 support zone. A drop toward $3,200 could invite further selling, while a bounce above $3,480 would begin to neutralize the breakdown pattern.

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