Ethereum completes a 20% correction from $4,165, triggering whale accumulation and renewed trading activity amid shifting market sentiment and volatility.
Ethereum’s price fell sharply to around $3,290 on Thursday November 6, 2025, completing a 20% correction from recent highs as large holders — known as “whales” — began accumulating the cryptocurrency amid a surge in trading activity.
The decline follows a projected technical correction outlined by analysts who predicted a drop from $4,165 to the $3,300 range, based on repeating historical patterns. Data from CoinGecko shows Ethereum trading at $3,290.95, marking a 4.8% loss over 24 hours and an 11.2% slide over the past week.
Despite the downturn, on-chain data suggests renewed interest from major investors. According to blockchain analytics firm WispOfDeFi, more than $80 million worth of ETH was recently moved off centralized exchanges — a signal that institutional and long-term investors may be buying rather than selling.
“Whales appear to be accumulating around the $3,300 range,” said Jack from WispOfDeFi, adding that the pattern aligns with previous support levels in past market cycles. Analysts believe such accumulation could stabilize prices and lay the groundwork for a potential rebound if broader market conditions improve.
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The latest correction fits a technical pattern observed in earlier Ethereum cycles, according to analyst LaCryptoLycus. The formation of triangle-shaped price structures has historically preceded either major breakouts or further consolidation. Current movements, analysts say, suggest Ethereum may be in another accumulation phase.
Trading activity has remained strong despite the pullback. CoinGecko reported a 24-hour trading volume of $34.17 billion, reflecting heightened market engagement even as volatility intensifies.
Social sentiment, however, has shifted dramatically. Market intelligence platform Santiment noted that retail traders have turned “extremely bullish” following a brief rebound toward $3,500. The firm cautioned that such optimism could hinder short-term gains if it triggers excessive speculative buying.
Meanwhile, open interest in Ethereum derivatives has climbed, indicating active participation by institutional players hedging or positioning for a recovery.
Analysts advise watching exchange flows and sentiment data closely to gauge whether whales can sustain support near current levels. Should Ethereum hold its footing, technical forecasts suggest potential upside toward $4,200 in the medium term.
For now, Ethereum’s movement underscores the delicate balance between market psychology, technical structure, and institutional demand — all key forces shaping the cryptocurrency’s volatile recovery path.
