Ethereum Price Takes a Hit as Holders Dump — But Is the Weakness Temporary?

Ethereum's price fell nearly 17% in October and dropped another 3.8% in early November, nearing $3,738, as holder accumulation ratios declined, signaling that long-term holders are reducing exposure. This selling pressure was confirmed by a recent death cross.

Despite the pullback, on-chain data indicates strong support between $3,649 and $3,686, where a significant amount of ETH was last transacted, potentially cushioning further declines.

Furthermore, technical indicators suggest a possible rebound: ETH is trading within an ascending triangle, and a hidden bullish divergence was observed on the daily chart (higher price low vs. lower RSI low). If the price holds above the $3,679 support, a recovery toward $3,899 is anticipated; however, a close below $3,679 would invalidate this outlook and risk a deeper correction.

(Source：BeInCrypto)