As the Ethereum market is sinking into the red and struggling to defend the important support level of $3,200, a large investor is telling a completely different story. This whale is actively "buying the dip" on a massive scale, demonstrating a strong belief in the long-term potential of Ethereum.
📜 Part 1 - Context: Overwhelming Fear Sentiment
The market is in an extremely fragile state. Ethereum has at one point lost the $3,200 mark and is facing increasing selling pressure. Technically, the price is struggling to hold above the 200-day moving average - a mark that defines the long-term structure. If it fails, a deeper correction to the $3,000 region is entirely possible.
Fear and uncertainty are enveloping retail investors.
🧠 Part 2 - In-Depth Analysis: The Ironclad Confidence of a "Big Player"
While the majority are panicking, a famous whale, known by the nickname 'Whale ‘66kETHBorrow', is acting contrary.
On-chain data from Lookonchain shows an unceasing accumulation campaign:
🔹 Recent transactions: This whale has just made two consecutive large purchases:
* 19,508 $ETH (worth 61 million USD)
* 16,937 $ETH (worth 53.91 million USD)
🔹 Total scale: Since November 4th, this whale has accumulated a total of 422,175 $ETH , worth approximately 1.34 billion USD.
🔹 Despite losses: Amazingly, with an average purchase price of nearly $3,489, this whale is currently facing an unrealized loss of over $120 million. However, they continue to "double" their position.
This aggressive strategy demonstrates extremely strong long-term confidence. Market observers suggest that this could be a signal of institutional confidence, viewing the current price range of Ethereum as a strategic buying area.
🏁 Conclusion:
The Ethereum market is painting a complex and contrasting picture. On one side is the fear and short-term volatility dominating retail traders. On the other side is the quiet and decisive accumulation of "big players", who are positioning themselves for a potential recovery. History has shown that actions contrary to the crowd like this often lay the foundation for sustainable growth once market conditions stabilize.