Ethereum price struggles above $2,300 despite $63M whale purchase
Ethereum is trying to recover after the latest sell-off as whale buying returns, but institutional demand remains weak. The next test is whether ETH can hold $2,300 and turn the rebound into a move toward $2,400.
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On November 2, a big investor paid $62.97 million for purchasing 27,553 ETH for an average price of $2,286. As per Arkham, the transaction took place within a span of five hours. Such a large purchase might suggest that the large holders have once again shown some interest after the correction.
Institutional flows, however, are not yet confirming a durable recovery in demand. According to SoSoValue, U.S. spot Ethereum ETFs recorded $431.5 million in net outflows during the October 26–30 trading week. For ETH to build a stronger recovery this week, positive flows would likely need to return.
Holding $2,300 becomes critical for further recovery
Ethereum completed the scenario outlined previously by reaching the $2,300 target. The price has yet to establish a convincing hold above that level.
That makes $2,300 the key level for the next several sessions. If ETH can stay above it, the recovery could extend into the $2,350–2,400 zone.
Trading volume, however, has not yet confirmed a reversal in the local trend. The risk of another test of support near $2,200 therefore remains in place.
US midterm elections could keep ETH trading sideways
So far, the latest ETH rebound looks more like short covering than the beginning of a new uptrend. Some large wallets are returning to the buy side, but it is still too early to speak of a broad-based return of capital.
The November 3 U.S. midterm elections add another layer of uncertainty. Ahead of the vote, market participants may reduce activity and postpone larger positions.
ETH could therefore remain range-bound over the next several sessions until buyers provide a more decisive signal.
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