ETH Gains Traction on Major Whale Purchases, Binance Stability
Ethereum (ETH) price climbed by about 1% to $2,279.16 in 24 hours, while Bitcoin fell 0.35%. The modest gain appears driven primarily by large-scale whale accumulation and Binance’s stability.
Following the October 29 hack, Binance has allocated over $6.34 billion from corporate reserves and its SAFU fund to cover losses, replenishing about 95% of stolen tokens.
The exchange confirmed Bitcoin, Ethereum, and major stablecoins remain fully backed, and customer withdrawals are stabilising after a phased reopening.
This is relatively bullish for Ethereum in the short term because it mitigates a major systemic risk and shows a large exchange can absorb a catastrophic loss without passing it to users. However, it reinforces the perennial bearish argument about the vulnerabilities of centralised custody
An unidentified whale purchased 27,553 ETH (worth $62.97 million) over five hours at an average price of $2,286. Another wallet spent $38 million on ETH shortly before.
Such concentrated buying often signals institutional or high-net-worth investors attempting to catch a bottom. Traders said large, rapid accumulation can provide temporary price support and foster bullish sentiment, but it doesn’t guarantee a sustained reversal.
Also, ETH found support around the 50% Fibonacci retracement level at $2,279.85, bouncing from a recent swing low of $2,247.85. A significant 92% increase in 24-hour trading volume to $8.84 billion confirmed the move.
The volume spike validates the price move, showing real capital engagement at this level rather than a shallow, low-liquidity bounce. A sustained close above the 7-day Simple Moving Average near $2,285 would signal a shift to positive short-term momentum.
Whale buying is the immediate catalyst, but the macro backdrop is key with U.S. midterm elections this week. If ETH holds above the $2,247–$2,280 support confluence, the next target is the recent swing high at $2,311. A break below $2,247 risks a swift decline toward $2,200.
The outlook is cautiously constructive but remains within a broader downtrend, needing a break above $2,400 for a stronger bullish signal. Early November flows into U.S. spot Ethereum ETFs, which saw record outflows in October, to gauge if institutional demand is returning.
Whale buying and strong volume at technical support have stalled the recent decline, but ETH remains in a broader corrective phase. NVIDIA Tokenised Stock Rises to $204 on Fresh Buying Interest
