Ethereum is at a critical point after dipping below $3,200, with buyers finding it hard to maintain that level as selling increases. The wider cryptocurrency market is tense, with ongoing declines in major assets fueling fear and uncertainty. Traders are watching to see if Ethereum can hold above this important support—if not, it could drop further toward $3,000.
Despite the pressure, a notable Ethereum whale, known for making large purchases this month, is still buying aggressively. This investor has been adding to their holdings even as prices fall, showing strong long-term faith in Ethereum’s fundamentals and potential recovery. This contrast between short-term worry and long-term accumulation creates a complex outlook for Ethereum. While short-term swings are a concern, continued buying by big holders might be laying the groundwork for a more lasting rebound once the market stabilizes and confidence returns.
According to Lookonchain data, the whale ’66kETHBorrow’ has kept up his heavy buying during the market slump. Today, he bought 19,508 ETH worth about $61 million, adding to his substantial position built over the past week. Soon after, he purchased another 16,937 ETH valued at $53.91 million, bringing his total since November 4 to 422,175 ETH, roughly $1.34 billion at an average price near $3,489. Even with the recent price drop, the whale is facing over $120 million in unrealized losses but continues to increase his Ethereum stake. This bold approach reflects strong long-term confidence, as he seems unaffected by short-term volatility.
Market watchers suggest this buying pattern could indicate institutional-level belief that Ethereum’s current prices are a strategic entry point. While smaller investors remain cautious due to uncertainty, the whale’s steady activity highlights a broader trend: large players are quietly accumulating, positioning themselves for a potential recovery when macroeconomic conditions improve and risk appetite returns to the crypto market.
Ethereum is currently trading around $3,200, under renewed selling pressure after briefly climbing back to $3,400 earlier this week. The daily chart shows ETH struggling to stay above its 200-day moving average, a key support level that often shapes long-term market trends. A clear break below this line could signal a deeper correction. The 50-day and 100-day moving averages are still trending down, supporting a short-term bearish view. If Ethereum doesn’t regain momentum, the next major support levels are near $3,000 and then $2,850, where buyers previously stepped in during summer consolidation. On the other hand, a rebound above $3,400–$3,500 would be the first sign of returning bullish momentum.
Despite the pullback, analysts note that large holders, including the #66kETHBorrow whale, continue to buy ETH, showing strong belief in its long-term prospects. For now, Ethereum’s trend remains fragile, and buyers need to defend the $3,000 area to avoid further declines.
Frequently Asked Questions
Of course Here is a list of helpful and clear FAQs about a major Ethereum investor increasing their holdings
General Beginner Questions
1 What does this news actually mean
A single large investor often called a whale bought a massive amount of Ethereum showing a very strong vote of confidence in its future value
2 What is a whale in crypto
A whale is slang for an individual or organization that holds a very large amount of a cryptocurrency giving them the potential to influence the market with their trades
3 Why is this a big deal
When a wellknown or large investor makes a significant purchase it can signal to the market that they believe the assets price will rise which can boost overall investor confidence
4 How do we know about this purchase
Ethereum transactions are recorded on a public digital ledger called the blockchain Anyone can use blockchain explorers to see large movements of funds between wallets
5 Should I buy Ethereum because of this
Not necessarily While its a positive signal you should never make investment decisions based on a single piece of news Always do your own research and consider your financial goals
Advanced MarketFocused Questions
6 Does this mean the price of Ethereum will go up
It can create positive sentiment and potentially lead to a shortterm price increase but its not a guarantee Many other factors like overall market trends and news also affect the price
7 Could this be market manipulation
Its possible A whale could be trying to create a buy the rumor effect to drive the price up and then sell for a profit Its important to watch for consistent patterns not just one event
8 Whats the difference between this and institutional investment
This could be an institutional investment If the whale is a hedge fund pension fund or publicly traded company then it is an institutional investment which is often seen as more stable and longterm
9 How does this impact Ethereums network security
It doesnt directly impact the networks technical security However large longterm holdings can reduce the circulating supply which can contribute to price stabilitya different kind of security for investors