Despite the Ether (ETH) price drawdowns, whales continue to buy hundreds of thousands of ETH, sparking hopes for a short-term recovery.
Key takeaways:
An Ethereum whale increases stash to $1.3 billion in ETH, signaling accumulation.
Whales, BitMine and ETFs add billions of dollars in ETH, reinforcing bullish demand.
V-shaped recovery pattern emerges, targeting $4,000 ETH price.
Ethereum whales buy the dip
Responding to the market correction over the last week, Ether whales took advantage of the ETH price drop to $3,000.
An unknown whale has accumulated more than 385,000 ETH worth $1.38 billion over the past 10 days, according to data from Arkham Intelligence.
Related: Institutions must stake Ether on decentralized infrastructure
“This whale currently owns $563.9M of ETH directly through spot holdings as well as $818.7M in a loan position on AAVE,” the blockchain analytics platform said in a Wednesday post on X, adding:
“He has just added another $105.36M of ETH today alone.”
The whale has also borrowed $270 million of stablecoins from the decentralized lending platform Aave to potentially expand its ETH position, Arkham Intelligence added.
Besides this whale, Lookonchain noted that another whale is also borrowing to buy ETH, with “83,816 $ETH($288.6M) deposited on Aave and has borrowed $122.89M in stablecoins.”
Besides the #66kETHBorrow whale, another whale 0x9992 is also borrowing to buy more $ETH!
2 hours ago, 0x9992 borrowed 10M $USDC from Aave to buy 2,909 $ETH.
He currently has 83,816 $ETH($288.6M) deposited on Aave and has borrowed $122.89M in stablecoins.… pic.twitter.com/ZxFsQaexqo
— Lookonchain (@lookonchain) November 12, 2025
These moves coincide with BitMine’s continued push into Ethereum. Over the past week, the company added 110,288 more ETH, bringing its total holdings to 3.5 million ETH (valued at approximately $12.5 billion), thereby cementing its position as the largest corporate holder of ETH.
This strengthens the narrative that whales and institutions view the recent ETH price drawdown as a good entry opportunity.
Can ETH price return to $4,000?
From a technical perspective, Ether’s price action is forming a potential V-shaped recovery chart pattern on the daily chart, as shown below.
ETH is retesting the 100-day simple moving average (SMA) at $3,450. Bulls need to push the price above this level to increase the chances of the price rising to the neckline at $4,172 and completing the V-shaped pattern.
Such a move would represent a 21% increase from the current price.
Several analysts believe that ETH has the ability to rise to $4,000 before December, citing a falling wedge breakout, falling exchange supply and Ethereum’s $200 billion tokenized economy.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
