Key Takeaways
- Ethereum prints a bullish harami after an 11.5% drop.
- Whale holdings above 10k ETH continue to decline, weakening confidence.
- Major resistance: $3,333 short-term, $3,650 critical supply cluster.
- Losing $3,150 weakens the pattern; falling below $3,050 invalidates it.
Ethereum Flashes a Reversal Setup — but Major Whales Hold the Real Power
Ethereum is showing early signs of a bullish reversal after a sharp 11.5% decline, but the chart’s optimism is clashing with weakening whale participation. With price now trading above $3,230 — still down nearly 6% on the 24-hour ticker — ETH faces a pivotal moment that will determine whether the rebound expands or fades.
Bullish Harami Forms, but Whale Outflows Raise Doubts
Ethereum’s daily chart has printed a bullish harami, a classic reversal pattern signaling cooling sell pressure. A small green candle inside the previous day’s large red candle typically shows buyers attempting to reclaim control.
However, the setup mirrors the failed reversal seen on November 5, when fading momentum crushed the bullish case within days. That failure casts additional pressure on today’s formation — and whales may be the reason why confidence remains shaky.
Wallets holding more than 10,000 ETH have steadily decreased since early November. After a brief uptick from Nov. 6–11, the trend resumed downward, returning to the same negative zone seen on Nov. 8. This decline aligns with Ethereum’s recent bearish crossover and suggests large holders remain unconvinced that the pullback is complete.
Key Resistance Levels That Decide Ethereum’s Breakout Path
If the bullish harami sustains, Ethereum’s first challenge is $3,333 — a level repeatedly rejecting rebounds this week. But the more consequential barrier sits at $3,650, where one of the largest cost-basis supply clusters exists.
Also Read: Ethereum’s Pectra Upgrade Explained: Bullish Indicators Point to Breakout
On-chain data shows over 1.5 million ETH concentrated in the $3,638–$3,667 range. Clearing this zone would mark a powerful show of buyer strength and confirm that Ethereum’s reversal structure is gaining momentum.
A daily close above this band would validate the bullish harami and open the door to a broader recovery.
When the Setup Fails: Levels That Invalidate the Reversal
A break below $3,150 would signal rapid weakening in the pattern. A sharper decline under $3,050 would fully invalidate the structure, potentially triggering a deeper correction—repeating the post-harami collapse seen earlier this month.
ETH Needs Whale Support for a True Reversal
The technical setup favors a rebound, but Ethereum’s fate now depends on whether whales re-enter the market — or continue stepping back. The next moves around $3,333 and $3,650 will reveal if this reversal is real or another false start.
