Ethereum Whale Buys $97M in ETH as Price Drops Below $1,900

The Ethereum price fell below $1,900 this week, and one of crypto’s best-known early backers used the drop to buy.

Wallets linked to ShapeShift founder Erik Voorhees spent about $97 million on ETH over four days, according to on-chain tracker Lookonchain. He was not alone.

Several other large wallets added ETH in the same window, while spot Ethereum ETFs posted their first inflow after a six-day run of withdrawals.

Erik Voorhees Buys $97M in ETH at $1,994 Average

Lookonchain reported on Nov. 14 that wallets tied to Voorhees picked up 48,647 ETH over four days at an average price of about $1,994.

The same wallets still held roughly $78.68 million in stablecoins after the purchases, so there is room for more.

More came quickly. A later transaction tracked by Lookonchain shows Voorhees spending 4.75 million USDT on another 2,504 ETH at around $1,896.

That brings his reported purchases to about 51,151 ETH, worth roughly $101.75 million. He kept buying as the Ethereum price moved lower instead of placing a single bet near $2,000.

Lookonchain links the wallets to Voorhees, but on-chain data alone cannot confirm that he controls every address involved.

Ethereum ETFs Post First Inflow After Six-Day Outflow Streak

Spot Ethereum ETFs recorded a preliminary net inflow of $2.3 million on Friday, Nov. 13. Fidelity’s FETH led with $11.6 million in new money, while Grayscale’s ETH product lost $9.3 million.

The number is small, and the data provider first listed it as partial. It still breaks a rough stretch. The six sessions before it saw about $594 million leave Ethereum ETFs, with the largest exits coming on Nov. 9 ($184.5 million) and Nov. 11 ($144.8 million).

One green day does not reverse that trend. Final figures and next week’s flows will show whether institutional demand is coming back or only pausing.

Ethereum Price Finds Support From Whale Buying

Voorhees has company. Wallet 0x4cee bought 10,380 ETH worth about $19.91 million, lifting its holdings to 25,498 ETH.

Its average cost sits near $2,382, which left it about $11.3 million underwater at the time of the report. The wallet added to a losing position instead of waiting for a recovery.

A whale known as “7 Siblings” bought 9,766 ETH for about 18.88 million USDT at an average of $1,933, according to EmberCN data.

Three days earlier, it had bought roughly $22 million worth at $2,038. Across the two buys, it now holds 20,558 ETH at an average near $1,988.

Another investor borrowed $22 million USDT from Aave and used it to buy about $21.55 million in ETH.

On the institutional side, BitMine Immersion Technologies held 6,070,092 ETH as of Nov. 8, about 4.967% of Ethereum’s total supply and close to its 5% target. Its filings do not yet show purchases during the latest dip.

Can Ethereum Price Hold Support After the Latest ETH Dip?

On the 1-hour ETH/USDT chart, ETH trades near $1,856, down about 5.6% in 24 hours after falling from the $2,250 area.

The structure is bearish, with lower highs and lower lows since the break below $2,000 on Nov. 13.

Immediate support sits between $1,845 and $1,850, which is also the current intraday low. A clean break there puts $1,800 in play, followed by the $1,750 to $1,780 zone if selling speeds up.

On the upside, the Ethereum price first needs to reclaim $1,900 to $1,920. Above that, the $1,950 to $2,000 range is the old breakdown area and a stronger barrier. A bigger rebound would run into resistance at $2,050 to $2,100.

This article provides information, not investment advice. Cryptocurrency investments carry financial risks.