Jakarta, Pintu News – Ethereum (ETH) is currently undergoing a consolidation phase after facing intense selling pressure due to macroeconomic uncertainty and market concerns regarding the US government shutdown. Although market sentiment remains cautious, on-chain data shows that large holders or “whales” continue to add to their ETH holdings, signaling growing confidence amid slowing market momentum.

Data from Lookonchain shows that a whale known for aggressive Ethereum accumulation just added 30,548 ETH worth $105.36 million to its portfolio. This purchase increases his total acquisitions since November 4 to 385,718 ETH, or about $1.33 billion. Part of the funds used for this purchase, around $270 million, was a loan from decentralized lending platform Aave.
This represents a highly leveraged yet strategic position, signaling strong institutional confidence in Ethereum’s medium-term prospects. Large loans for ETH accumulation indicate expectations of price appreciation sufficient to cover borrowing costs and volatility risks.
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This large-scale buying activity by whales not only absorbs available market liquidity but also strengthens psychological support zones. This may trigger a change in sentiment among retail investors who may interpret these actions as bullish. However, this massive buying also carries short-term risks. If the price corrects further, the leveraged positions may magnify volatility. Therefore, while this action shows confidence, it also adds complexity to the current Ethereum market dynamics.

Ethereum is currently trading around $3,479, showing signs of stabilization after a period of intense selling. ETH managed to maintain a position above its 200-day moving average, which historically serves as a launching point for bullish recoveries.
However, the 50-day and 100-day moving averages are still above the current price, indicating that the short-term trend is still likely to be negative. To take control, ETH needs to close decisively above $3,650-$3,700, where there is a confluence of resistance. If Ethereum fails to defend the $3,400-$3,450 zone, the next major support lies near $3,200.
Overall, Ethereum appears to be in a consolidation phase, with large holders continuing to accumulate while retail traders remain cautious. This structure often precedes stronger directional moves, signaling that the market may be gearing up for the next phase.
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