Ethereum Whales Are Buying Again — But Will They Overcome the Impending Death Cross ?

Ethereum (ETH) started November on a cautiously optimistic note, gaining nearly 1% and trading around $3,875. Whale wallets have started to increase their holdings again, showing renewed confidence in the recovery.

But that optimism may not last. An approaching Death Cross could put pressure on buyers — and determine whether the early-month rally holds or fades.

Whales and retail investors fuel initial optimism

Ethereum whales are buying again, a trend that resumed just before Halloween. on-chain data shows their combined holdings increased from 100.89 million ETH to 101.09 million ETH in the past 48 hours.

This is an increase of about 200,000 ETH, worth approximately $775 million at current prices.

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The renewed buying suggests that big players are getting into positions early, expecting November to be more positive than October. Retail investors seem to be on the same page. The Money Flow Index (MFI) — a measure of money flowing in and out of an asset — has been rising since October 28.

From October 22 to October 28, Ethereum made lower Dip , but MFI made higher Dip , forming a bullish divergence. This pattern shows that money is still flowing in despite the price drop — usually a sign that buyers are quietly absorbing supply. The combination of whale and retail buying suggests increased optimism, although long-term investors have started to take profits, somewhat eliminating the inflows.

The impending Death Cross could put pressure on the bulls

That optimism is facing significant risks on the chart. Ethereum's 20-day Exponential Moving Average (EMA) — a trend indicator that smooths price data to reflect short-term direction — is now about to cross below the 100-day EMA, a measure of long-term momentum.

This structure is called a Death Cross , when the short-term Medium falls below the longer-term one. It usually signals that the sellers are in control.

This pattern is all the more remarkable because the Death Cross between the 20-day EMA and the 50-day EMA in mid-October triggered a 13.7% correction. If this scenario repeats, much of the current whale-led optimism could be erased.

If the 20–100 EMA crossover is confirmed, Ethereum could slide further, negating the cautious optimism of this week's buying. Pressure will increase as long-term ETH holder continue to sell — a trend seen since late October — increasing downside risk and reinforcing the Death Cross setup.

However, if the buying pressure from whales and retail investors continues and pushes ETH above the 100-day EMA, the crossover may not form. In that case, the market structure will hold and buyers will have a chance to extend the rally.

Ethereum Price Prediction: Breakout or Crash?

Ethereum's chart currently shows a rare balance between upside and downside. A 4.9% move in either direction could shape the short-term trend.

If the Death Cross is confirmed and momentum weakens, ETH could drop 4.9% to $3,680, which could then slide further to $3,446 if selling accelerates.

Conversely, if whale accumulation and retail inflows continue to push the price higher, a 4.9% rally could take ETH to $4,069. A daily close above this level would confirm a short-term breakout. A daily close above this level would also open the way to $4,265 and $4,487, making November potentially a very positive month for Ethereum.

With the distance from the support and resistance zones to the current ETH price almost equal, the next few days could decide whether Ethereum buyers will be able to overcome the death cross — or get stuck below it.