Ethereum’s Epic Meltdown: Whales Play Hard to Get & the Market’s Falling Flat

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Key Takeaways (or how to make sense of chaos in the crypto universe)

Are the whales buying or selling? Or just pretending to be busy?

Turns out, some whales are busy holding onto their Ethereum like it’s a rare vintage wine-except instead of sipping, they’re just watching it plummet. The supply distribution chart suggests the big guys are HODLing, probably giggling behind their digital hands while the rest of us panic.

Is there enough demand to magically turn this downward spiral into a rally?

Nope, not really. The selling wave is more aggressive than a librarian shushing a raucous crowd. The $2.7k support zone might give a tiny bounce, maybe up to $3k if the planets align-though that’s about as likely as a unicorn riding a dragon on Wall Street.

Ethereum took a nosedive of 10.64% last week, from a lofty $3,095 on November 17th, down to a humble $2,765 by the 21st. Since then, it’s skidded upwards a tiny 2.88%-probably just catching its breath before the next tumble.

That little bounce, as shown on this chart, most likely came from an important long-term demand zone-like a digital safety net stretching from $2.4k to $2.7k. Handy, right? This zone served as a consolidation phase in May and June, acting like a cozy blanket for longs trying to hold on.

And on-chain support was also waving from the sidelines, with long-term ETH holders’ ‘realized prices’ nestled comfortably within this zone-probably thinking, “Well, at least it’s not zero.”

But don’t get your hopes up-the overall trend remains as bearish as a cat in a rainstorm. A reversal? Not anytime soon. The sentiment’s too gloomy, and demand remains thinner than a pancake on a diet.

Reversing back above $3k? Dream on, little trader. The bears still have the floor.

Whale Watch: HODLing Like It’s the End of the World

The MVRV ratios (think of them as the financial emotion thermometer) for both short- and long-term holders are below zero, meaning most of these folks are sitting in the loss lounge, staring gloomily at their screens. Highest losses since June, proving no one’s popping champagne yet. Cheers!

The supply distribution chart is like a digital game of musical chairs: wallets holding 10k-100k ETH have been quietly collecting ETH in September and October, only to slightly loosen their grip in November. Meanwhile, tiny wallets between 1 and 1,000 ETH are steadily accruing more-maybe a bunch of tiny ants hoarding digital crumbs.

All this suggests the whales are more confident-buying in the dips-while the little guys are just trying not to flood the market with despair. This was reinforced by some data from a highly reputable source (AMBCrypto), pointing out that whale buying activity is definitely on the rise-probably because they see a clearance sale.

While the smart money is eyes-deep in Ethereum, most traders should keep their wits about them. The downtrend isn’t finished playing its gloomy tune yet. Those itching to buy at the bottom need a backup plan, like a stop-loss that reads “below $2.4k,” just in case the market decides to keep dancing with the bears.

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2025-11-24 15:07