The whale identified by wallet address 0x9EcA deployed 37.96 million USDC within two hours to purchase 16,658 $ETH, at an average acquisition price of $2,279.
Notably, the wallet reportedly continued accumulating $ETH after these transactions, suggesting sustained buying interest despite prevailing market uncertainty.
Those purchases were fairly quick, considering the sheer volume of those trades, which might reflect the institutional activity, rather than routine retail buying. Usually those transactions occur ahead of potential market recoveries.
Ethereum Tests Key Support
Ethereum’s daily chart reveals a challenging technical environment despite the substantial buying activity.
At the time of the November 2 chart snapshot, $ETH traded near $2,288, following a significant retreat from its October highs around $2,800.
The cryptocurrency has slipped beneath several important moving averages, indicating that short-term bearish momentum continues to dominate the market.
Most notably, Ethereum is trading below its longer-term moving average near $2,320, while additional resistance appears around $2,350–$2,450.
The Relative Strength Index (RSI) is hovering near the lower end of its neutral range, suggesting weakening selling pressure but offering limited confirmation of an immediate bullish reversal.
On the downside, the $2,200–$2,250 region represents an important support zone that buyers must defend to prevent further deterioration. A sustained recovery above $2,350 could improve the short-term outlook, potentially opening the door toward $2,450 and beyond.
Whether this accumulation translates into renewed bullish momentum will depend on broader market conditions and Ethereum’s ability to reclaim key resistance levels.
