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Ethereum whales are buying again: Can it overcome the impending death cross?
Ethereum whales bought approximately 200,000 ETH, worth approximately $775 million. This signals new buying momentum.

The impending death cross between the 20- and 100-day EMAs could trigger a 4.9% drop to $3,680.

At Ethereum's current price, the support and resistance distances are almost even. The breakout level is $4,069. The downside trigger is $3,680.

Ethereum (ETH) is starting November with a calm optimism, trading around $3,875, up about 1%. Whale wallets are accumulating again, renewing confidence in a potential recovery.

However, this optimism may be short-lived. A death cross on the horizon could challenge buyers and determine whether this early momentum holds. But will this momentum endure?
Ethereum whales are buying again. This trend returned just before Halloween. On-chain data shows their total holdings increased from 100.89 million ETH to 101.09 million ETH in the last 48 hours.

This increase equates to approximately 200,000 ETH, worth approximately $775 million at current prices.
These fresh purchases suggest that major players are taking early positions and expect November to be stronger than October. Retail traders appear to share the same view. The Money Flow Index, which measures the flow of money into and out of an asset, has been rising since October 28th.
Between October 22nd and 28th, Ethereum's price made lower lows, but the MFI made higher lows, creating a bullish divergence. This pattern indicates continued inflows even as the price fell: often a sign that buyers are quietly absorbing supply. The combined whale and individual buying signals growing optimism, but long-term investors have begun taking profits, offsetting the impact of these inflows to some extent.

The looming death cross could challenge buyers.

This optimism faces a serious test on the chart. Ethereum's 20-day exponential moving average (EMA), a trend indicator that smooths price data to indicate short-term direction, is currently very close to crossing below the 100-day EMA, which tracks long-term momentum.

In this setup, the pattern formed when the short-term average crosses below the long-term average is called a death cross. It often indicates that sellers are taking control.
This formation is particularly significant because the previous death cross between the 20- and 50-day EMAs in mid-October triggered a 13.7% correction. A repeat of this could wipe out much of the current whale-driven optimism.

If the 20-100 EMA crossover is confirmed, Ethereum could decline further, invalidating the cautious buying optimism seen this week. Pressure is mounting due to the selling by long-term ETH holders, which has been ongoing since late October, increasing downside risk and reinforcing the death cross scenario.

However, if whale and retail investor buying continues and helps ETH push above the 100-day EMA, the crossover may not occur at all. This would preserve market structure and give bulls a chance to extend the recovery.
Ethereum's chart currently presents an unusually balanced picture between upside and downside potential. A 4.9% move in either direction could determine the short-term direction.

If the death cross is confirmed and momentum weakens, ETH could fall 4.9% to $3,680. If selling accelerates, a slide to $3,446 could follow.

However, if whale accumulation and individual inflows push the price higher, a 4.9% rise could carry ETH to $4,069. A daily close above this level would confirm a short-term breakout. A daily close above this level would open the way to $4,265 and $4,487, potentially turning November into a strong month for Ethereum.
Support and resistance are almost equidistant from the current ETH price. The next few days may determine whether Ethereum buyers will outperform or underperform the death cross.