Ethereum (ETH) Breaks Pattern Amid $20 Billion DeFi Slide — Why Are Whales Still Buying?

Core Insights - Ethereum's price has decreased over 5% recently, falling below $1,980, indicating a failure to maintain a short-term rebound channel [1] - Large holders are beginning to accumulate ETH again, raising questions about whether this is early accumulation or a temporary pause before further declines [1] Price Movement and Technical Analysis - The recent price rebound formed a bear flag, which was not indicative of a trend reversal, and the price slipped below the lower boundary, suggesting a potential crash of over 50% [2] - The Chaikin Money Flow (CMF) remained below zero during the rebound, indicating weak institutional participation and lack of strong backing for the price increase [3][5] DeFi Activity and Structural Issues - Total Value Locked (TVL) in Ethereum's DeFi platforms is a critical metric reflecting user commitment and confidence; a decline in TVL suggests capital is leaving the ecosystem [7] - On November 13, DeFi TVL was $75.6 billion while ETH traded at $3,232, with a negative exchange net position change indicating more ETH was leaving exchanges than entering, suggesting a shift towards self-custody by investors [8]