Strong bids from Ethereum whales have triggered a price recovery, prompting ETH to find structural support around the $3,400 level.
ETH bulls are now back in control, targeting the $4,500 resistance as the next stop for continuation of the recovery.
Analysts at CryptoQuant have observed that since the October 10 sell-off, the Spot Average Order Size metric for Ethereum has increased, a trend that has historically preceded local bottoms and early accumulation phases.
Ethereum Whale Bid Flashes Local Bottom
Across previous cycles, analysts point out that similar whale accumulation has marked the start of trend reversals or late-stage compression phases before major upswings.
Source: CryptoQuant“If this behavior persists and the $3-$3.4K region holds as structural support, Ethereum may be entering a low-volatility accumulation zone, setting up for a potential final bullish impulse toward the upper range of $4.5K–$4.8K.”
Ethereum treasury companies have topped the list of institutional whales accumulating Ether to keep its bullish structure intact.
In a recent company report, leading Ethereum treasury firm Bitmine Immersion Technologies revealed that it now owns 2.9% of the ETH token supply.
The company’s Ethereum holdings now stand at 3,505,723 ETH, worth approximately $12 billion.
Other publicly listed companies are also accumulating Ethereum.
On November 10, Canadian-listed company Republic Technologies announced a $100 million convertible note financing, intended to expand its Ethereum staking and reserve operations.
Other Nasdaq-listed companies like Sharplink Gaming, The Ether Machine, Bit Digital, and ETHZilla all hold over $6 billion worth of Ethereum, per CoinGecko
Tom Lee Says “Best of Ethereum About to Come” as Q4 Momentum Builds
Thomas “Tom” Lee of Fundstrat, chairman of BitMine, said that “The recent dip in ETH prices presented an attractive opportunity and BitMine increased its ETH purchases this week.”
Tom Lee believes that the best of Ethereum is about to come as the company keeps accumulating what it believes is the “tokenization layer” for Wall Street’s transition from TradFi to the on-chain economy.
“The fourth quarter is seasonally strong for crypto and equity prices, and historically encourages investors to increase ‘open interest.’ Therefore, associated trading volumes should improve in coming weeks,” he added.
Ethereum whales are now entering long setups in anticipation of a massive rally.
An insider whale known for his 100% win rate is now adding more to his ETH long position, with order size now worth $194.3 million.
This adds to the conviction from other bulls that ETH is heading to the $4,500-$4,800 range.
ETH Eyes $5,058 if $3,520 Support Holds
The Ethereum (ETH/USD) daily chart shows the formation of a potential double-bottom pattern, a classic bullish reversal sign.
The two labeled lows (“Bottom 1” and “Bottom 2”) suggest that buyers have defended the $3,500–$3,520 region twice, indicating strong demand at that zone.
The neckline of the pattern aligns near the descending trendline resistance, which ETH appears to be testing after a brief breakout attempt.
The ascending green trendline from the previous rally acts as structural support, and price reclaiming this level reinforces bullish sentiment.
Source: TradingViewAdditionally, the Fibonacci retracement levels show multiple resistance targets at $3,888, $4,069, and $4,261, with a broader breakout target projected toward $5,058 if momentum sustains.
Volume activity shows accumulation near the second bottom, a typical sign of buyers stepping back in after exhaustion of selling pressure.
Overall, the chart setup leans bullish. If Ethereum can hold above $3,520 and break decisively above $3,800, it could confirm the double-bottom breakout and aim for the $4,200–$5,000 range.
The post Ethereum Finds Structural Support at $3.4K On Strong Whale Bid – Bulls Target $4,500 Next appeared first on Cryptonews.
