Ethereum Price Drops Below $3,400 as Whales Buy $1.37B ETH
Ethereum price dipped below $3,400, extending earlier losses and sliding 3.3% to $3,331 on November 7. In the prior 24 hours, the token had dropped 5.5%, breaching $3,700 support and threatening a test of $3,400. On-chain data shows trading volume jumped 145% above average as institutional traders led the sell-off at key levels. Meanwhile, whale accumulation surged: addresses holding 10,000–100,000 ETH increased their share from 17.24% to 19.58%, with large holders snapping up 395,000 ETH ($1.37B), including a 257,543 ETH purchase linked to Aave at an average of $3,480. Technical indicators such as On-Balance Volume and RSI signal continued downward pressure. Breaking below $3,200 could trigger further losses, while reclaiming $3,480 may spark a recovery. Despite reduced active addresses and bearish momentum, ongoing whale buying and upcoming network upgrades may support long-term gains. Traders should monitor key levels at $3,247, $3,400 and $3,480, track whale trends, and manage risk accordingly.
Neutral
In the short term, bearish technical indicators (OBV, RSI) and price declines below key supports suggest downward pressure on Ethereum price, risking a test of $3,200. However, significant whale accumulation and on-chain volume spike point to a potential price bottom and renewed buying support. Ongoing network upgrades and L2 developments further bolster long-term fundamentals. Thus, mixed signals balancing short-term risks with possible recovery support a neutral market outlook.