Key Insights:
- Ethereum rebounds after stop-hunt at $3.35K, pushing toward the $4.95K resistance zone fast.
- Data shows 23 mega-wallets exited last week, while price climbed over $100 despite sell-off.
- Liquidity grab triggers strong ETH rally; trend intact above $3,620 support and gaining momentum.
Ethereum has gained momentum after reaching below $3,351 last week, a level where stop-loss orders were likely triggered. That price sweep was followed by a sharp bounce. Since then, ETH has moved higher on strong volume. Attention now turns to the $4,956 level, which lines up with a previous price top and may act as resistance.
Whale Wallet Count Drops as Price Moves Higher
In the past week, the number of Ethereum wallets holding 10,000 ETH or more has dropped. On November 4, there were 1,262 such wallets. By November 8, that number had fallen to 1,239. This means 23 large holders either sold or moved funds elsewhere. “23 of the largest Ethereum $ETH whales have sold or redistributed their holdings in the past week,” Ali said.
The shift also showed up in the 30-day trend for large wallet growth. The net change moved from +49 to -7, showing a change in behavior. This drop came as ETH rose from $3,291 to $3,401, suggesting that the selling or redistribution was absorbed by the broader market.
Price Reversal Sets Up Move Toward $4.95K
The current rally started after the price dipped below the $3,351 support. The move caught sell stops, then reversed quickly. This is often seen as a liquidity grab. Since that low, price action has formed a strong upward leg, with ETH now approaching the $4,950–$4,960 zone.
This area is being watched for signs of profit-taking or potential resistance. The short-term trend remains upward as long as price stays above $3,620. If ETH holds that level, traders expect further upside into year-end.
ETH Price and Market Stats
Ethereum was trading at BTC 0.03356, with 24-hour volume over $32.8 billion. The price has gained 1.20% in the last 24 hours but is down slightly over the past 7 days, showing a mix of recovery and consolidation.
Charts and order book activity suggest a possible test of $4,950 in the near term. Whether that area holds or breaks may shape the next wave of moves for Ethereum.
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Source: https://coincu.com/analysis/ethereum-rockets-after-3-35k-liquidity-grab/