Ethereum has broken through major demand levels, sliding to the $2,660 zone, its lowest point in months. The drop signals a clear loss of bullish control as fear ripples through the market. Traders who once expected a strong recovery are now reassessing their positions, and sentiment across social and on-chain indicators has shifted sharply into panic. Yet, even in the middle of this capitulation-driven environment, early signs of potential resilience are starting to emerge.
According to Lookonchain, one of the most closely watched Ethereum whales — known as “66kETHBorrow” — has aggressively doubled down on his strategy. First, he accumulated 57,725 ETH worth $162.77 million, a move that caught analysts’ attention during the heaviest sell-off. Just hours later, he added another 7,837 ETH ($21.9 million) to his position, showing unwavering conviction despite market turbulence.
This aggressive accumulation stands in stark contrast to the broader fear dominating Ethereum holders. While retail traders are capitulating and leveraged positions are being flushed out, strategic buyers appear to be stepping in. For many analysts, this type of behavior has historically hinted at the early formation of local bottoms.
Whale Accumulation Signals Conviction Amid Ethereum’s Bearish Slide
According to fresh data from Lookonchain, the whale known as “66kETHBorrow” has now amassed an extraordinary 440,558 ETH, worth roughly $1.23 billion. This makes him one of the largest individual Ethereum holders actively accumulating during the current downturn — and the scale of his position is sending a powerful signal to the market.
While Ethereum’s price continues to struggle below key support levels, this whale’s behavior stands in sharp contrast to the fear-driven selling dominating retail traders. Instead of reducing exposure, he is adding aggressively, even as ETH charts show a steady downtrend and sentiment hits extreme bearishness. Historically, this kind of deep-pocketed accumulation during panic phases has often aligned with early stages of trend reversals or the formation of local bottoms.
The reason is simple: large players typically operate on long-term conviction, not short-term volatility. Their willingness to increase exposure at a time when most investors are capitulating is often interpreted as a strong vote of confidence in Ethereum’s fundamentals and future valuation.
ETH Breaking Down Below Key Levels
Ethereum has broken through key support levels, sliding toward the $2,660 zone in a decisive display of market weakness. The chart shows a clear downtrend forming over the past several weeks, with ETH consistently printing lower highs and lower lows as selling pressure accelerates. The 50-day and 100-day moving averages have crossed below the 200-day moving average, forming a bearish alignment that signals prolonged downside momentum.
Volume spikes during sell-offs highlight increasing liquidation pressure, confirming that the decline is being driven by aggressive sellers rather than passive drift. Ethereum attempted minor rebounds throughout November, but each bounce was rejected at descending resistance levels, showing a clear lack of bullish conviction.
As of now, price is struggling to hold the $2,700 region — a critical psychological level that previously acted as support during earlier corrections.
A positive sign, however, is the emergence of notable buying interest from large players. Despite the bearish structure, volume patterns show occasional accumulation on deeper dips, suggesting early attempts to form a local bottom. Still, ETH remains vulnerable unless it can reclaim the 50-day moving average and stabilize above $3,000.
Featured image from ChatGPT, chart from TradingView.com
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