Like a restless cowboy riding the winds of change, the Ethereum price took a tumble of nearly 11.5% in the last day. A spark of recovery, like the first light of dawn, brought it back up by 2.5%, cresting just above $3,230, though the 24-hour ticker still reflects a near 6% slump.
This backwards step, in tones of green and red, paints a canvas of a bullish reversal on the chart, reminiscent of old-time farmers eying the sky for signs of better weather. Yet, with boats laden full of large holders setting sail into quieter waters, one wonders if this pattern will truly hold its ground.
A Pattern Shows Promise, Yet Whale Action Tells Another Tale
Ethereum’s tale of market fortunes is mirrored in a bullish harami, a curious pattern unfolding on the daily chart. It’s a delicate dance where a spritely green candle finds its place snuggled within the shadow of a red one, whispering tales of buying pressure slackening while hopeful buyers aim to regain their grip.
In the annals of November, a similar tableau appeared on the 5th, but that sprout of optimism faltered as buying vigor bespoke withered all too swiftly. This past misstep weighs heavily upon the current tableau, and one can’t help but ponder if buyers might sustain this newfound momentum.
Whale whispers tell the tale of hesitation. The mega-whale address count, the ledger keeping track of the whims of those holding over 10,000 ETH, has once again slipped into a downward waltz, waltzing back to the same disheartening digits last seen on November 8.
The number of addresses hoarding 10,000 ETH has tumbled since November 2, after briefly fluttering higher between the 6th and 11th during a fleeting rebound. The decline resumed with haste straight after, walking a path in lockstep with Ethereum’s bearish misadventure, a caution we had earlier noted.
While the chart sparkles with a bullish harami, these whales, large and mysterious, have yet to lend their weight to this endeavor. As such, Ethereum’s hopeful reversal remains as fragile as a rainbow in the golden hour haze.
Crucial Crossroads Await Ethereum’s Price Trek
Should this optimistic pattern hold true, Ethereum’s march will next lead it to a gateway near $3,333, a ledge it has found hard to overcome this week. A deeper exploration of this price level awaits its own chapter in the ongoing saga of Ethereum’s charted journey.
The farther goalpost, set at $3,650, beckons like the distant horizon, demanding a 12% advance from the recent low. A cost-basis distribution heatmap-a cartographer’s map of where great troves of ETH last changed hands-reveals $3,638-$3,667 as the storehouse of a considerable supply, home to some 1.5 million ETH.
Beating this bulwark would herald bold buyer resolve. The $3,650 mark gains eminence as a beacon that the bullish harami holds true, potentially unveiling a broader upswing. But were the price to falter near $3,150, the structure crumbles quickly.
A sharp descent below $3,050 risks obliterating this tale, leaving traders in the lurch, recalling the tumble after a prior, unfulfilled harami engagement.
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2025-11-14 09:07