Ethereum (ETH) Price Prediction: Whale Accumulation Builds as $2,350 Reclaim Could Restart the Recovery

Ethereum is starting November at an important point in its recovery. According to Brave New Coin, ETH is trading near $2,230, with price now sitting close to the same support region where whale buying, long-term accumulation signals and several technical recovery setups are beginning to overlap.

Ethereum is trading around one of the more important technical areas on the daily chart. Daan Crypto Trades highlights the 0.618 Fibonacci retracement near $2,219, with price currently attempting to stabilize around that level after the latest decline.

The first resistance sits at the daily 200EMA around $2,315, but the more important hurdle remains the horizontal area near $2,350. ETH has already reacted from lower levels, yet previous recovery attempts have struggled around this zone. A sustained move above $2,350 would therefore better signal that buyers are regaining control.

Support remains layered underneath the market. The 0.65 Fibonacci retracement sits near $2,188, while the daily 200MA is positioned around $2,158. Losing both would weaken the current recovery structure and leave Ethereum vulnerable to another leg lower.

Ethereum is holding near the 0.618 Fibonacci retracement around $2,219, while $2,315 and $2,350 remain the main levels bulls need to recover. Source: Daan Crypto Trades via X.

The current weakness does not necessarily rule out a larger recovery. Crypto analyst Joep Gerla points to a pattern Ethereum has already followed twice, where several weeks of sideways movement were followed by much sharper expansion moves.

The latest structure is beginning to resemble another compression phase, with ETH trading around $2,319 after falling roughly 21% from the recent range high. The rising trendline underneath price is now becoming increasingly important, while the nearby $2,220-$2,190 region remains the lower support area that needs to hold if the structure is going to remain bullish.

The previous two consolidations were followed by rallies of roughly 36% and 19.5%, and Gerla’s current projection maps another potential expansion of around 37%. If ETH price can hold the trendline and recover through the $2,460-$2,500 area, the next larger upside zone comes into view around $2,680-$2,780, with the projected Ethereum price prediction extending toward roughly $3,000.

A clean break above the current range would strengthen the case for another expansion phase, while a sustained loss of the rising trendline and $2,190-$2,220 support would weaken the comparison with the previous setups.

Ethereum markup phase could target $2,680-$3,000. Source: Joep Gerla via X.

Ethereum’s larger-holder activity is beginning to show a clear split. In a post on X Lookonchain reports that whale address 0x4AB7 purchased another 3,300 ETH worth approximately $7.41 million, taking its total accumulation over the past week to roughly 13,077 ETH valued near $29.95 million.

Source: Lookonchain via X

That buying has taken place while ETH remains close to the lower end of its recent range, suggesting some larger holders are using the weakness to build exposure rather than waiting for a confirmed breakout. The $2,200 area therefore becomes more important if this accumulation continues.

At the same time, ETF-related selling remains a drag. Whale Insider reports that BlackRock clients sold approximately $90.76 million worth of ETH, showing that institutional flows are still moving in the opposite direction from the whale accumulation seen on-chain.

For now, Ethereum is sitting between those two forces. Continued whale buying would support the recovery case, but a slowdown in ETF selling would make that demand much more meaningful. If both begin moving in the same direction, the current base would have a stronger foundation for a broader recovery.

The higher-timeframe picture offers a more ambitious scenario if Ethereum can complete the current base. ZAYRO’s chart compares the previous distribution and markdown phase with what appears to be a developing accumulation structure around the recent lows.

The earlier cycle moved through several stages of distribution before price entered a prolonged markdown. The current setup is being interpreted as the opposite process, with Ethereum moving out of that decline and attempting to establish an accumulation range before a possible markup phase.

If price can successfully transition, then the ETH chart places $3,500 as the first larger recovery area, followed by $4,000 and eventually the previous highs around $5,000. Those targets remain well above the immediate market, which is why holding the current base and recovering the nearby resistance levels comes first.

Ethereum’s longer-term targets are in the range of $3,500, $4,000, and $5,000. Source: ZAYRO via X.

Ethereum is currently trading in a difficult part of the chart. Price is holding close to the 0.618 Fibonacci retracement near $2,219, while the daily 200EMA around $2,315 sits directly above the market and continues to limit the recovery.

Ethereum price is trading at around $2,230, up 0.61% in the last 24 hours. Source: Brave New Coin

The more important level remains $2,350. ETH has already shown that it can react from the lower support area, but a move back above this zone would provide much stronger evidence that buyers are regaining control. Until then, the latest rebound remains vulnerable to another rejection.

Below current price, $2,188 and the daily 200MA near $2,158 form the next support band. Holding those levels would keep the recovery structure alive, while a sustained break lower would suggest Ethereum still needs more time to form a durable base.

Ethereum’s next larger move may depend on whether the current period of weakness develops into accumulation rather than another leg lower. Whale buying has continued despite the pullback, and several longer-term charts are beginning to point toward the possibility of a broader markup phase once the present consolidation is complete.

For the broader Ethereum Price Prediction, the first real improvement would come from ETH recovering $2,350 and beginning to hold above the daily trend levels again. If that happens, attention can shift toward $2,500-$2,700 before the larger $3,500 becomes relevant. If not, the market may remain range-bound for longer while buyers continue building around the lower support zone.