Ethereum (ETH) has established key structural support around $3,400. This follows intense Ethereum whale accumulation, according to data from CryptoQuant. Institutional investors, like Bitmine Immersion Technologies, are aggressively buying the dip, signaling confidence in the asset as bulls target $4,500.
Analysts at CryptoQuant observed an increase in the “Spot Average Order Size” metric since the October 10 sell-off. Historically, this trend precedes local bottoms and early accumulation phases. Specifically, Bitmine Immersion Technologies revealed in a corporate report on November 10 that it now holds 3,505,723 ETH. This is equivalent to $12 billion, or 2.9% of the token’s total supply. The firm acquired 110,288 ETH in the last week alone.
Institutional activity reinforces the bullish thesis. Other Nasdaq-listed companies, such as Sharplink Gaming and The Ether Machine, are also accumulating ETH. Furthermore, Canadian-based Republic Technologies announced on November 10 a $100 million convertible note financing. This capital is intended to expand its Ethereum staking and reserve operations. This move underscores confidence in ETH as the “tokenization layer” for Wall Street’s transition to the on-chain economy.
Is “Smart Money” Preparing Ethereum for an All-Time High?
Thomas “Tom” Lee, Chairman of BitMine, stated that “the recent dip in ETH prices presented an attractive opportunity.” Lee also noted that the fourth quarter is seasonally strong for crypto and equity prices. The strong demand in the $3,400-$3,520 range has formed a “double-bottom” pattern on the daily chart. This is a classic bullish reversal signal. This structural support is vital for the bulls who are now aiming for new targets.
Technical analysis supports the bullish sentiment. Fibonacci retracement levels and the ascending trendline place the next significant resistance at $3,888. If ETH holds the $3,520 support and decisively breaks $3,800, the double-bottom pattern would be confirmed. Therefore, this would open the path toward the $4,500–$4,800 range. The broader breakout target is projected toward $5,058 if the Ethereum whale accumulation momentum is sustained.
