Ethereum Price Update: Bullish Reversal Pattern Emerges Amid Whale Selling Pressure
Ethereum’s price experienced a sharp decline of nearly 11.5% over the past 24 hours. Since then, it has recovered approximately 2.5% and is currently trading above $3,230. Despite this rebound, the 24-hour ticker still reflects a near 6% dip overall.
The recent corrective move has printed a bullish reversal pattern on the daily chart. However, a key question remains: can this positive setup play out while large holders continue to reduce their positions?
### Reversal Pattern Appears, but Whale Activity Shows Weakness
Ethereum has formed a **bullish harami** on the daily chart. This pattern occurs when a small green candle is contained inside the body of a larger red candle from the previous day. It often signals that selling pressure is easing and buyers are attempting to regain control.
A similar setup appeared on November 5, but the subsequent bounce failed because buying strength quickly faded. That earlier failure now adds more significance to the current pattern, raising the stakes on whether buyers can sustain momentum this time around.
The pressure mainly comes from **whale behavior**. The mega-whale address count—which tracks the 30-day change in wallets holding over 10,000 ETH—has dropped again. It has returned to the same negative level seen on November 8. Additionally, the total number of addresses holding 10,000 ETH has been declining since November 2.
There was a brief increase from November 6 to 11 during a short-lived rebound, but the downtrend resumed promptly afterward. This decline in large holders’ ETH coincided with Ethereum’s bearish crossover, a risk highlighted in earlier analyses.
Despite the bullish harami currently in place, whale activity is not yet backing this move. This lack of support keeps the Ethereum price reversal setup weaker than it may appear on the chart.
### Key Levels to Watch: Will the Reversal Expand or Fade?
If the bullish harami holds, Ethereum’s next test is near **$3,333**, a short-term resistance level that has limited rebounds throughout the week.
A more significant hurdle lies at **$3,650**, which would require roughly a 12% increase from the recent low. According to data from the cost-basis distribution heatmap—which maps where large amounts of ETH last changed hands—the $3,638 to $3,667 range contains a major supply zone with more than 1.5 million ETH.
Clearing this supply zone would demonstrate strong buyer commitment. Therefore, the $3,650 level becomes especially important. A close above this band would confirm the bullish harami is working and could open the door for a broader recovery.
Conversely, if Ethereum’s price loses support near **$3,150**, the bullish pattern would weaken quickly. A sharp drop below **$3,050** would invalidate the structure entirely, allowing sellers to push prices lower and potentially repeat the sell-off seen after the failed harami earlier this month.
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In summary, while a bullish reversal pattern has formed on the Ethereum chart, watch closely for confirmation through key support and resistance levels. Whale activity remains a crucial factor and currently signals caution despite the potential for recovery.
https://bitcoinethereumnews.com/ethereum/ethereum-price-hints-at-reversal-but-one-mega-test-remains/