Ethereum whale wallets have newly bought $19 million worth of ETH, highlighting again the possibility that big investors are buying at lower prices.
On Nov. 7, blockchain media outlet U.Today reported that one large wallet bought 8,773.5 ether at $2,245 each.
The purchase stands out because it came during a recent price adjustment. The whale previously bought 10,376 ether in June at an average of $1,626. The wallet now holds 23,095 ETH in total, valued at about $51.69 million.
Another new wallet, 0x4AB7, also withdrew 9,777 ETH from Binance over the past week. The amount was about $22.5 million.
Exchange fund flows sent a different signal. On Saturday last week, major exchanges recorded net inflows totaling $18.32 million worth of ETH. Large flows moving to exchanges are typically interpreted as a sign that short-term selling pressure could increase. Individual purchases by large wallets and broader exchange flows were at odds.
Institutional flows also showed a bearish signal. Over the past week, spot Ethereum exchange-traded funds (ETFs) saw net outflows of $365 million. Of that, outflows over the last two days totaled $193.2 million. This was seen as the result of weaker investor sentiment after Ethereum fell about 10 percent on Nov. 5 following a brief rebound.
Crypto analyst Ali Martinez (알리 마르티네즈) pointed out that Ethereum recently lost a key support level at $2,385. He said it could fall to $1,963 if additional selling pressure continues. Short-term support was presented at $2,200 to $2,220.
The conditions for a rebound are also relatively clear. If Ethereum rises back above $2,300, it could enter a recovery phase, which would open the possibility of re-entering the $2,400 to $2,450 range tested this week. The market is watching whether whale buying, exchange flows and ETF outflows tilt in one direction.
ALTCOINS SHOW BUY SIGNALS DESPITE MARKET FUD 1/6
