- A significant Ethereum price crash last week was driven by 23 large whales selling or redistributing their holdings.
- The sell-off saw the number of whales holding >10,000 ETH drop from 1,262 to 1,239, breaking key support at $3,354.
- Despite the whale capitulation, the market absorbed the selling, bouncing 20% from the $3,000 level to reclaim $3,550.
Renowned cryptocurrency analyst Ali Martinez has spotted an ongoing ETH sell-off by whales. In his latest post on X, the analyst stated that 23 of the largest Ethereum whales have sold or redistributed their holdings in the past week.
Related: Ethereum Exchange Supply Hits 1-Year Low as Whales Increase Holdings by 52%
Ethereum’s Massive Whale Selloff
Martinez’s post revealed that the number of Ethereum whales holding above 10,000 ETH tokens dropped from 1,262 on Tuesday, November 4, to 1,239 on Saturday, November 8, 2025. The drop in the number of massive ETH holders aligned with a notable development in the Ethereum market, which saw a sharp decline in ETH’s price.
According to data from TradingView, Ethereum underwent a sharp two-day decline from November 3, when the cryptocurrency experienced a classic bearish day. The leading altcoin dropped from its daily opening price without experiencing an upward movement, and fell by 9% before the close of the trading day.
The price decline continued on the following day, leading to the breaking of two significant support levels, which triggered panic among Ethereum holders. The cryptocurrency broke below the October 10 $3,510 support, and the more crucial $3,354 pivot established in the first week of August, ahead of the cryptocurrency’s rally to an all-time high.
Market Absorbs Selling Pressure, ETH Rebounds 20%
Despite the Ethereum whale selloff spotted by Martinez, the flagship altcoin mounted a recovery, bouncing off support close to the $3,000 psychological level. Ethereum has gained nearly 20% in the past seven days, reclaiming the $3,354 level to trade for $3,550 at the time of writing.
The latest upward movement saw the cryptocurrency establish a technical support above the 0.236 Fibonacci resistance on the daily chart, suggesting a potential upward surge. However, ETH needs to climb above a more crucial support-turned-resistance at $3,783, which aligns with the 0.382 Fibonacci level to confirm the return of bullish momentum.
Related: Ethereum Price Prediction. Stablecoin Inflows And OI Surge Fuel Rebound From Key Demand Zone
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