Ethereum dropped nearly 11.5% in the last 24 hours before recovering about 2.5% to trade above $3,230. Despite the bounce, ETH still shows a daily loss of almost 6%.
The pullback, however, has created a potential bullish reversal pattern on the chart. The question now is whether buyers can confirm it while large holders remain cautious.
Bullish Pattern Appears, but Whale Activity Stays Weak
Ethereum has formed a bullish harami on the daily chart. The pattern forms when a small green candle appears inside the body of a large red candle, signaling slowing selling pressure. It often suggests that buyers are trying to regain control.
A similar pattern appeared on November 5 but failed when buying strength faded. That failed setup makes the current one more important, as traders watch to see if momentum holds this time.
Whale activity still shows weakness. The number of “mega-whale” wallets holding more than 10,000 ETH has fallen again, returning to the same negative level seen earlier this month. Addresses holding 10,000 ETH have been declining since November 2, with only a brief pickup between November 6 and 11. The drop in large-holder activity aligns with recent bearish signals.
Because whales are not increasing their holdings, the reversal setup looks less convincing, even though the chart shows a possible shift.
Key Levels Will Decide ETH’s Next Move
If the bullish harami plays out, Ethereum must first break above $3,333, a short-term resistance level that has capped rebounds this week.
The bigger test sits near $3,650. Cost-basis data shows more than 1.5 million ETH last changed hands between $3,638 and $3,667, creating one of the largest supply zones on the chart. Clearing this area would show strong buyer commitment and confirm the reversal.
A close above the $3,650 region would strengthen the recovery outlook.
But if Ethereum loses support near $3,150, the bullish setup weakens quickly. A break below $3,050 would invalidate the reversal pattern entirely and could trigger a deeper decline, similar to the failed harami earlier this month.
