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Ethereum ($ETH) price trades near $3,445, down 17.5% month-on-month but slightly up 3.5% over the past week.The short-term bounce hides a deeper concern — Ethereum’s chart shows two bearish crossovers forming. Yet, Ethereum whales have added nearly $900 million worth of $ETH in just a few days.
The question is: what are they seeing that most traders aren’t?
Bearish EMA Crossovers Loom, Yet Ethereum Whales Keep Buying
On the daily chart, Ethereum faces a potential shift in short-term momentum. The 50-day EMA is close to crossing under the 100-day EMA, a bearish signal that often shows a slowdown in price strength.
(EMAs are averages that give more weight to recent prices, helping spot changes in trend faster than regular moving averages.)
The last time a similar crossover happened — when the 20-day EMA moved below the 100-day EMA in early November — $ETH dropped nearly 22% within a week.
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Now, another warning is emerging, as the 20-day EMA inches toward the 200-day EMA. If selling grows after the first crossover, the second could quickly follow, possibly accelerating downside pressure.
Despite this setup, whales remain unmoved. On-chain data from Santiment shows large wallets have increased their holdings from 101.44 million $ETH on November 10 to 101.70 million $ETH on November 12 — a gain of about 260,000 $ETH, worth around $900 million at the current price.
This suggests whales see these dips not as danger, but as opportunity — likely expecting a rebound once the short-term selling fades.
Hidden Bullish Divergence Explains Whale Confidence
That optimism might stem from what’s unfolding on the momentum side. Between June 22 and November 4, $ETH’s price formed higher lows, while the Relative Strength Index (RSI), which measures buying and selling strength, made lower lows.
This is known as a hidden bullish divergence, which usually hints that an uptrend (between June and now) is quietly holding even when charts look weak.
If the price stays over $3,333, the key support, $ETH could aim for $3,650, then $3,994. A close above $3,994 would break the short-term bearish setup and open targets at $4,251 and even $4,762.
However, a drop below $3,050 would confirm the downside impact of the EMA crossovers and test whale confidence. However, for that to happen, the Ethereum price would need a daily close below $3,333.
For now, Ethereum’s chart shows a rare clash — bearish signals forming, but whales are clearly eyeing the next big move.
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