As of November 2025, Ethereum (ETH) has demonstrated significant resilience, finding robust structural support at around $3,400. This level of support has been bolstered by substantial bids from large-scale Ethereum investors, commonly referred to as ‘whales’, who have played a pivotal role in the cryptocurrency’s price recovery. With the market momentum swinging back in favor of the bulls, Ethereum now eyes the $4,500 mark as its next critical resistance level.
Understanding the Current Ethereum Market Dynamics
Following a sharp sell-off on October 10, 2025, Ethereum has seen an increase in the Spot Average Order Size metric, a trend that typically precedes local bottoms and signals early phases of accumulation. Historical data from similar market cycles suggests that such whale accumulations often herald the beginning of trend reversals or late-stage compression phases that precede significant bullish runs.
Market analysts suggest that if Ethereum maintains its support in the $3,000 to $3,400 range, it could enter a low-volatility accumulation phase. This phase could potentially set the stage for a bullish impulse pushing towards the upper resistance levels between $4,500 and $4,800.
Institutional Interest in Ethereum
Ethereum’s bullish structure has been further supported by significant accumulation from treasury companies specializing in cryptocurrency assets. Bitmine Immersion Technologies, a leading firm in this sector, recently disclosed that it holds approximately 2.9% of the total ETH supply, amounting to 3,505,723 ETH, valued at around $12 billion as of their last update in November 2025.
Additionally, other publicly listed companies, including Canadian-based Republic Technologies and various Nasdaq-listed entities such as Sharplink Gaming and The Ether Machine, have collectively accumulated over $6 billion in Ethereum. These strategic accumulations underscore the growing institutional confidence in Ethereum’s long-term value proposition.
Market Sentiment and Predictions
Thomas Lee, chairman of BitMine and a notable figure in the cryptocurrency community, remarked that the recent dip in Ethereum prices presented an attractive buying opportunity, prompting increased purchases by the firm. Lee is optimistic about Ethereum’s future, particularly highlighting its role as a ‘tokenization layer’ essential for transitioning Wall Street from traditional finance (TradFi) to blockchain-based systems.
Lee also noted that the fourth quarter is traditionally a strong period for both crypto and equity markets, which could further bolster trading volumes and investor interest in Ethereum in the coming weeks.
Technical Analysis and Future Outlook
The ETH/USD daily chart reveals a potential double-bottom pattern, a classic indicator of a bullish reversal. This pattern is supported by strong buying activity at the $3,500–$3,520 support zone, defended twice by investors. The pattern’s neckline is currently being tested, aligning with a descending trendline resistance that Ethereum is attempting to breach.
If Ethereum maintains support above $3,520 and decisively breaks above $3,800, it could confirm the double-bottom breakout, setting a clear path toward the $4,200 to $5,000 range. Fibonacci retracement levels further suggest multiple resistance targets at $3,888, $4,069, and $4,261, with a broader breakout target projected at $5,058 if the bullish momentum is sustained.
With Ethereum whales positioning for a massive rally and institutional investors bolstering their stakes, the Ethereum market is showing signs of a robust bullish phase as it heads towards the end of 2025. This combination of technical strength and substantial backing could very well propel Ethereum to new heights in the upcoming months.
Disclaimer: This post is a compilation of publicly available information. MEXC does not verify or guarantee the accuracy of third-party content. Readers should conduct their own research before making any investment or participation decisions.
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