A significant Ethereum whale transaction has drawn attention from market observers, as blockchain analytics platform Arkham identified a wallet acquiring $19.7 million worth of Ethereum. According to data also monitored by Whale Alert, the wallet purchased 8,773.5 ETH at a price of $2,245 per coin.
Major holders increase ETH positions
This latest acquisition comes after the same wallet bought 10,376 ETH in June at an average price of $1,626, as reported by Yujin Monitor. These moves have raised the whale’s total Ethereum holdings to 23,095 ETH, which is currently valued at approximately $51.69 million.
In addition to this accumulation, Arkham also tracked activity from another fresh wallet, identified as 0x4AB7. That wallet withdrew 9,777 ETH, estimated at $22.5 million, from Binance during the last week, signaling notable on-chain activity by large holders.
Exchange flows and selling pressure
On the exchange front, net flow figures show $18.32 million in Ethereum shifting across all major platforms on Saturday. Historically, substantial transfers of ETH from wallets to exchanges often suggest increased short-term selling pressure, with traders potentially looking to capitalize on price changes.
Spot Ethereum ETFs in the United States have also faced major outflows. Over the past seven days, outflows amounted to $365 million, with the last two days alone accounting for $193.2 million leaving these investment products.
Analysts link these movements to a sharp market drop on November 5, when Ethereum declined by nearly 10% following a temporary rally. This volatility has influenced both direct market participants and holders of ETF shares.
Key price levels and market outlook
Market analyst Ali Martinez observed that Ethereum has lost an important support level at $2,385, which could result in additional downside pressure. Martinez has suggested that a continuation of selling might push prices toward the $1,963 mark.
Ali Martinez highlighted that Ethereum recently lost crucial support at $2,385, pointing out that further selling could push the price down toward $1,963.
At present, Ethereum trades at $2,239, showing little movement and hovering near its local bottom. The most recent support is found in the $2,200 to $2,220 range, which has held during the latest volatility.
A decisive move above $2,300 could signal the start of a recovery, potentially opening a path toward the $2,400 to $2,450 zone that was tested earlier in the week.
With these large transactions and shifting ETF flows, traders and investors are closely watching Ethereum’s major price levels. For those aiming to monitor whale movements or rapid price fluctuations in real time, CryptoAppsy provides timely smart price alerts and customizable charting. These features enable users to respond quickly to sharp changes in Ethereum’s technical landscape.
