Ethereum has demonstrated resilience by holding a key support level amid significant volatility, with large investors showing divergent strategies. The market’s focus is now shifting to future developments that could dictate its next major move.
A Battle Between Whales
Ethereum’s market recently became a battleground where major holders placed opposing bets. On one side, prominent sellers created downward pressure. Arthur Hayes, the co-founder of BitMEX, sold 520 ETH worth approximately $1.66 million as part of a larger $2.5 million liquidation of various assets. This is consistent with his past behavior of selling during downturns, though historical data shows he has been quick to buy back in when he senses a reversal.
This selling pressure was compounded by significant outflows from spot Ethereum ETFs, which have contributed to a weaker market structure and accelerated selling by long-term holders.
On the other side, institutional buyers and other whales used the price dip as an accumulation opportunity. One of the most striking examples of this confidence is BitMine, which added 104,336 ETH (worth about $417 million) to its corporate treasury in a single day. Furthermore, on-chain data has revealed whales borrowing large sums of stablecoins to purchase more ETH, indicating a leveraged bullish stance. This aggressive institutional buying has helped absorb the selling pressure, creating a foundation for price stability.
Technical and Sentimiental Landscape
This tug-of-war between large players has unfolded within a specific technical context. As of November 17, 2025, Ethereum is trading around $3,187, having found support after a recent drop. The broader market sentiment has been dampened by factors like slowing ETF inflows and a general risk-off mood in the crypto market.
The volatility has also led to significant liquidations in the derivatives market. Recent data shows that over $60 million in ETH positions were liquidated, with long positions accounting for a majority of these forced closures This liquidation data often serves as a sign of extreme sentiment, which can sometimes precede a market reversal once the leverage is flushed out.
The Road Ahead: Fusaka and Price Trajectory
Looking forward, the upcoming “Fusaka” upgrade is a key catalyst that the market is watching closely. While specific technical details of Fusaka are not covered in the search results, such network upgrades generally aim to improve scalability, security, or efficiency, which can positively impact investor confidence and demand.
Amidst this, prominent figures in the crypto space have maintained ambitious price targets. BitMEX co-founder Arthur Hayes has reaffirmed his prediction that Ethereum could reach $10,000, viewing recent volatility as “background noise” in a larger bullish trend. This optimism is shared by other analysts who point to Ethereum’s breaking out of a long accumulation phase and its fundamental role as a decentralized computing platform.
In summary, Ethereum is currently at a crossroads, balancing short-term selling pressure from ETFs and some whales against strong, conviction-driven accumulation from institutions and other large holders. The asset’s ability to hold the $3,100 support level demonstrates underlying strength. Its next significant move will likely be determined by the successful implementation of the Fusaka upgrade and whether macroeconomic conditions become more favorable for risk assets.
