Ethereum whales have increased their long exposure while transfers from BlackRock-linked wallets continue, and an analyst expects the asset to revisit the $2,000 level as it struggles below a key weekly price threshold. The positioning shift and elevated staking activity stand out despite the recent price decline.

On-chain tracker Lookonchain reported that addresses associated with BlackRock transferred 72,212 ETH, worth $151.4 million, into Coinbase Prime on November 10. The movement comprised four transactions: 39,292 ETH worth $82.44 million, 13,136 ETH worth $27.54 million, 10,000 ETH worth $20.93 million, and 9,784 ETH worth $20.51 million. Arkham tracking data identified Coinbase Prime hot wallets as the destinations. Coinbase Prime is Coinbase's institutional platform, combining custody, trading, and financing services for large market participants.

Lookonchain also reported net outflows of 791,758 ETH, valued at $1.74 billion, from BlackRock-linked addresses since October 1. Those figures describe wallet movements rather than verified net withdrawals from BlackRock's Ethereum exchange-traded funds.

The transfers came during a period of pressure on Ethereum investment products. U.S. spot Ethereum ETFs recorded $184.51 million in net withdrawals on November 9, according to Ethereum news coverage. Spot Ethereum ETFs began trading in the U.S. in July 2024, and their daily net-flow figures are a standard reference point for tracking institutional demand; upcoming reports will show whether the withdrawals continued.

Ethereum Whales Increase Long Positions as Delta Turns Positive

Crypto commentator CW reported that Ethereum whales had shifted toward long positions for the first time since July. The Ethereum Whale vs Retail Delta rose above 0.3, moving into positive territory after spending much of October below zero. The indicator compares whale positioning with activity among smaller traders.

According to CW, large traders were closing bearish positions and adding long exposure. The shift reflects a change in futures positioning rather than direct purchases of ETH on spot exchanges. A positive delta does not confirm that prices have reached a bottom, and the reported positions may change as market conditions develop.

Staked Ethereum Whale Transactions Exceed 630 Per Day

Separately, Santiment reported more than 630 daily transactions involving at least $100,000 in Lido staked Ethereum, or stETH. stETH is a liquid staking token representing ETH deposited with Lido, one of the largest liquid staking protocols on Ethereum, and it remains transferable while the underlying ETH stays staked. Activity increased over four days and reached its highest sustained level since April 2026.

The transactions indicate that large holders have become more active, although transaction counts alone do not identify purchases or sales. Santiment also flagged higher borrowing activity involving stETH as collateral. This arrangement allows holders to borrow other assets without immediately giving up their staked Ethereum exposure. However, borrowed positions carry liquidation risk if collateral values fall and borrowers cannot maintain the required coverage.

Ethereum Price Faces $2,000 Retest

Ethereum traded near $2,060 on the daily chart, below the 20-week Bollinger Band midpoint of $2,240.29. The middle band of the Bollinger Bands indicator is a 20-period moving average commonly used as a trend reference on weekly timeframes. The latest weekly candle reached a low of $2,083, and ETH pulled back after failing to sustain its recovery toward the $2,800 resistance area.

Analyst Ted Pillows said that Ethereum could retest $2,000, describing a further decline of roughly 5% to 6% from the level he observed. The next marked support on the weekly chart sits near $1,965.22, just below that round-number target. A break beneath this area would leave $1,713.44 as another marked support level.

For a recovery, Ethereum would first need to regain the $2,240 region, which previously served as support. The chart places resistance near $2,800.47 and $3,447.44. Until ETH recovers the nearby level, the $2,000 zone remains the focus of the downside scenario.

This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and leveraged positions carry substantial risks. Readers should independently evaluate market information before making investment decisions.