Ethereum (ETH) Whale Spends $62.97 Million on 27,553 ETH in Five Hours

27,553 ETH in Five Hours

Large holders stepped up their accumulation of Ethereum (ETH) on Monday, with on-chain records showing two separate wallets absorbing more than $100 million of the asset in a single session. The larger position was assembled by an unidentified whale that spent $62.97 million across five hours to acquire 27,553 ETH, working in an average price of $2,286 per coin; at that pace the wallet committed roughly $12.6 million an hour. A second address, traceable on the Ethereum chain under the prefix 0x9EcA, ran on a shorter clock: it converted 37.96 million USDC into 16,658 ETH within two hours at an average of $2,279. That second purchase was funded in USDC, a dollar-pegged stablecoin, rather than in ETH. Taken together, the two runs come to just over $100 million and close to 44,000 coins taken off the market by private buyers inside a day. The timing carries its own weight. The Ethereum price stands near $2,288, about 18% below the October highs around $2,800, after a sharp correction rattled the market. Both wallets bought into that weakness rather than above it, and neither slowed after the first fill: the 0x9EcA address is recorded adding to its stack again once the initial two-hour burst was complete. Orders of this size, executed this quickly, point past routine retail flow toward institutional-scale positioning, the kind of concentrated buying that has tended to appear ahead of attempted market recoveries. In effect, the wallets are building private Ethereum treasury positions of their own, timing their entries within a few percent of a support zone the wider market is testing. Neither wallet has been publicly identified, and on-chain data covers the transactions, not the owners. The question the record leaves open is whether more wallets join them or these two buyers stand alone.

Support Test at $2,200

The accumulation landed into a technical picture that still leans bearish. Ethereum (ETH) trades beneath several of its moving averages, and the short-term momentum sits with the sellers. The token is below its longer-term moving average near $2,320, while a heavier band of supply waits between $2,350 and $2,450. Momentum readings give a mixed note: the Relative Strength Index (RSI), an oscillator that gauges the speed of price moves, hovers near the lower end of its neutral range, which points to fading selling pressure but stops short of confirming an immediate reversal. On the downside, the $2,200 to $2,250 zone is the level that matters most, the shelf buyers must defend to keep the correction from extending. A sustained recovery above $2,350 would improve the short-term setup and open the path toward $2,450 and beyond. The current Ethereum technical analysis and its support and resistance map frame that zone as the line in the sand. At the November 2 snapshot the token changed hands near $2,288, squarely inside the contested range between the defended shelf and the cap above. The same daily chart shows the retreat from October has already erased a meaningful slice of the month's gains, which is what put these levels within reach of the whale entries. Whatever the wallets intend, their timing lines up with it: both bought within a few percent of the $2,200 to $2,250 band, paying $2,279 and $2,286 on average. Settlement costs were trivial next to position size, since ordinary network transfers carry modest gas fees. Whether the accumulation converts into a durable bid now depends on broader market conditions and on price reclaiming the resistance overhead.

COINOTAG's reading: a $62.97 million order filled inside five hours, alongside a $37.96 million one inside two, sits well outside retail behavior and matches fund-sized positioning. The on-chain ledger is the primary record behind every figure above, with each fill, timestamp and average price publicly verifiable, and it shows buying, not selling, as the follow-up act. The 0x9EcA wallet kept adding after its first tranche, and neither address has logged a distribution since. What the owners do next, whether the coins are routed into staking or held idle, is not disclosed in the record. For investors weighing staking Ethereum on their own terms, these two addresses are now the cleanest live markers of where large private money sits, and they bought while US Ethereum ETFs shed a record $1.61 billion in October.