ETH whales in the dip-buying zone

Ethereum (ETH) fell more than 12% in early November, but large holders treated the drop as a buying opportunity, adding roughly $1.37 billion worth of ETH in just three days. The steady accumulation highlights renewed confidence even as the broader market remains under pressure. This can be seen on the right side of the chart, where holdings by major addresses have edged higher. At the same time, exchange reserves have fallen to their lowest level since 2016, suggesting coins are moving into long-term storage rather than being sold. With both short- and long-term MVRV metrics in negative territory, on-chain data indicate that Ethereum may be entering an attractive accumulation phase if market conditions stabilize.