Ethereum (ETH) Price: Whales Are Buying Again as Fed Rate Cut Odds Jump to 80%

TLDR

• Ethereum price holds above $2,900 after rising 2% to $2,903 in the last 24 hours
• US spot Ethereum ETFs recorded $96.67 million in net inflows on November 24, with BlackRock contributing $92.6 million
• Large investor BitMine increased holdings by 69,822 ETH worth over $200 million last week
• Whale wallets holding 10,000-100,000 ETH accumulated 440,000 ETH over the past week
• Federal Reserve rate cut odds jumped from 30% to over 80%, potentially supporting crypto prices

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Ethereum price traded at $2,903 on November 25, marking a 2% increase in the last 24 hours. The second-largest cryptocurrency maintained its position above the $2,900 level as institutional money flowed back into the market.

Ethereum (ETH) Price

US spot Ethereum exchange-traded funds recorded $96.67 million in net inflows on November 24. BlackRock’s Ethereum ETF accounted for $92.6 million of that total. This marked the first inflow for BlackRock’s product in two weeks.

The ETF inflows came after an eight-day streak of outflows. Monday’s data showed two consecutive days of positive flows for Ethereum ETF products.

Large investor BitMine added 69,822 ETH to its holdings last week. The purchase was valued at more than $200 million. BitMine now holds 3.63 million ETH, representing approximately 3% of Ethereum’s total supply.

The Coinbase Premium Index rose from -0.12 last Thursday to -0.02 on Monday. The metric tracks the price difference between Coinbase and other exchanges. The increase suggests US investors are pricing Ethereum higher than they were a week ago.

Whale Activity Shows Mixed Signals

Whale wallets holding 10,000 to 100,000 ETH accumulated 440,000 ETH over the past week. These large holders appeared to push prices back above their average cost basis.

Source; CryptoQuant

Smaller whale wallets showed different behavior. Wallets holding 1,000 to 10,000 ETH distributed 100,000 ETH during the same period. Wallets holding 100 to 1,000 ETH sold 120,000 ETH.

ETH futures saw net outflows of $4.31 billion over the past seven days. However, inflows of $735.46 million came in over the past three days. This showed a slight return of interest in leveraged positions.

The wider crypto market gained 1.24% as uncertainty eased. Bitcoin, Solana, XRP, and Dogecoin all experienced minor price increases.

Rate Cut Expectations Rise

Federal Reserve rate cut expectations jumped last week. The odds of a December rate reduction rose from around 30% last Thursday to over 80% on Tuesday. The change in expectations came from CME FedWatch tool data.

Ethereum traded in a range between $2,700 and $3,300 in recent weeks. The price action indicates a consolidation phase. Traders are watching the $3,000 resistance level closely.

The MACD indicator crossed above the signal line. The histogram turned positive. These technical signals suggest potential upward momentum in the near term.

The RSI sits near the neutral line of 50. A move above this level could indicate additional buying pressure. A drop below the $2,700 support level could trigger further downside.

Futures liquidations totaled $80.8 million over the past 24 hours. Short liquidations made up $51.3 million of that amount. The data came from Coinglass.

Ethereum is testing the descending channel’s upper boundary. A break above the $3,100 resistance could push prices toward the 20-day Exponential Moving Average.

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