Whale Drops $137M Long Whale Bets $137M on Ethereum Comeback as Price Rebounds

Ethereum (ETH) rebounded above $3,400 on Nov. 8 after briefly dipping near the $3,200 support zone. The move came amid renewed whale activity, including a $137 million leveraged long position opened by a major trader a signal some market watchers viewed as a potential reversal hint.

$137 Million Whale Long Reignites Ethereum Bulls

Market attention turned sharply to a report from Crypto Rover, who revealed that an “insider Bitcoin whale” had opened a $137 million long position on Ethereum with 5x leverage. The position followed weeks of consistent downside pressure on ETH, which had tested key Fibonacci support near $3,200.

“The whale who shorted before Trump tariffs is now going long on $ETH,” wrote @AkaBull_, adding that the trader “definitely knows something.”

Ethereum’s price has struggled since early October, when it failed to hold above $4,200 resistance. Data from TradingView shows the asset has since retraced nearly 20%, finding temporary support around the 0.618 Fibonacci level at $3,436.

Analyst Ted (@TedPillows) noted that Ethereum “tapped the $3,200 level again and is now bouncing back.” However, he warned that “there could be one more low in ETH, as the current rally is mostly driven by short positions being closed.”

BlackRock’s ETH Buying Counters ETF Outflows

Institutional behavior remained mixed. Ted reported that Ethereum exchange-traded funds (ETFs) saw $46.6 million in outflows on Thursday, signaling weak sentiment among some investors. Yet, BlackRock reportedly purchased $34.4 million worth of ETH during the same period — a move interpreted by some as a show of confidence.

Another post from CryptoGoos echoed this, claiming that BlackRock bought $35 million worth of Ethereum, suggesting the firm “knows $ETH will make a huge comeback soon.” While unconfirmed, such social media buzz reinforced bullish expectations tied to potential corporate accumulation.

The dual dynamic ETF outflows offset by institutional buys — highlighted the tug-of-war shaping Ethereum’s short-term trend. It suggested that while retail traders may still be cautious, large investors were positioning for a medium-term recovery.

Analysts Split: $2,000 First or $10,000 Next?

Market sentiment among analysts remained divided. On one end, Ali Charts (@ali_charts) warned that Ethereum could first revisit $2,000 before any rally toward $10,000, calling the correction phase far from over.

Meanwhile, some traders framed the current consolidation as a base-building phase ahead of a broader crypto market recovery. Ethereum’s bounce off the $3,200 region coincided with improving risk appetite in Bitcoin (BTC), which reclaimed levels above $70,000 earlier in the week.

Still, as Ted emphasized, much of Ethereum’s upward momentum stemmed from “shorts closing rather than new longs opening.” This suggested a relief rally rather than a confirmed trend reversal unless buying pressure extended beyond derivatives markets.

Stablecoin Demand and Institutional Confidence

Beyond trading dynamics, market observers pointed to Ethereum’s strengthening fundamentals. @TheShortBear commented that stablecoins “took a big part away from Bitcoin’s use case,” arguing that “$ETH is the most undervalued asset in crypto with true business value.”

That argument gained traction after a series of onchain reports showed steady growth in stablecoin issuance on Ethereum-based networks. Rising liquidity in decentralized finance (DeFi) protocols added further support to the bullish thesis that Ethereum remains a key layer for real-world crypto adoption.

Technical Picture: Key Levels to Watch

Technical analysis suggested that the $3,200–$3,250 zone remains critical for Ethereum bulls. The Fibonacci retracement chart indicated a key 0.618 level near $3,436, which ETH was testing during Friday’s session. Sustained closes above this level could open a path toward $3,590 (0.5 Fib) and $3,748 (0.382 Fib).

Conversely, losing $3,200 could invite deeper losses toward the $2,930–$2,900 area, aligning with the 1.0 Fibonacci extension. Further downside might test $2,100, the 1.618 extension, if bearish momentum intensifies.

Momentum indicators such as the Awesome Oscillator (AO) showed waning downside pressure, hinting at potential bullish divergence. Still, traders remained cautious ahead of the U.S. Consumer Price Index (CPI) release next week, which could influence market liquidity and risk appetite.

ETH’s Recovery Faces a Reality Test

Ethereum’s short-term recovery reflected renewed interest from whales and institutions, but the sustainability of that momentum remains uncertain. With mixed ETF flows and technical resistance overhead, bulls faced a challenge convincing markets of a durable reversal.

While BlackRock’s purchase and the $137 million long position reignited optimism, analysts like Ted continued to warn of possible “one more low” before any strong continuation. Ethereum’s next move could depend on whether fresh spot demand replaces short covering and whether institutional buying extends beyond social media hype.

At press time, Ethereum traded at $3,438, up 0.11% on the day. The next few sessions will determine if the $3,200 floor holds or gives way to deeper correction targets.