Two large wallets have spent more than $100 million on Ethereum in a matter of hours, according to on-chain data, even as the token trades near a closely watched support zone.
The purchases stand out because of their size and speed. One wallet bought 27,553 ETH for about $62.97 million over five hours, at an average price of $2,286. Another wallet, identified as 0x9EcA, put 37.96 million USDC to work in two hours and acquired 16,658 ETH at an average of $2,279. The second wallet reportedly kept buying after those trades, which suggests interest did not end with the initial order.
Large Orders Draw Attention
The speed of the transactions is notable. Moving tens of millions of dollars in a few hours is not typical retail behavior, and it may point to larger investors or institutions repositioning. Still, on-chain data can be incomplete. We can see wallets and trades, but not always the full intent behind them.
The buys arrived during a volatile stretch for Ethereum. ETH has fallen from October highs near $2,800 and was trading around $2,288 at the time of a November 2 chart snapshot. That leaves the asset below several moving averages. The longer-term average near $2,320 is above the current price, while resistance appears around $2,350 to $2,450.
Support Holds the Near-Term Focus
The $2,200 to $2,250 area is the key downside zone. Buyers need to defend it to avoid a deeper slide. The Relative Strength Index is near the lower end of its neutral range. That suggests selling pressure may be easing, but it does not confirm a bullish turn on its own.
A sustained move above $2,350 would improve the short-term picture. If ETH can clear that level, $2,450 could come into play. For now, the market remains cautious. Whale accumulation is often seen as a positive signal, especially when it happens quickly and with size. But it is not a guarantee. Price action still depends on broader market conditions, and Ethereum has yet to reclaim the resistance levels that would mark a clear shift in momentum.
Perhaps the more useful takeaway is that large buyers are active while the chart is weak. That does not resolve the trend, but it gives traders a reason to watch whether support holds and whether the recent purchases are followed by more.
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