Ethereum (ETH) price trades near $3,445, down 17.5% month-on-month but slightly up 3.5% over the past week.The short-term bounce hides a deeper concern — Ethereum’s chart shows two bearish crossovers forming. Yet, Ethereum whales have added nearly $900 million worth of ETH in just a few days.

The question is: what are they seeing that most traders aren’t?

Bearish EMA Crossovers Loom, Yet Ethereum Whales Keep Buying

On the daily chart, Ethereum faces a potential shift in short-term momentum. The 50-day EMA is close to crossing under the 100-day EMA, a bearish signal that often shows a slowdown in price strength.

(EMAs are averages that give more weight to recent prices, helping spot changes in trend faster than regular moving averages.)

The last time a similar crossover happened — when the 20-day EMA moved below the 100-day EMA in early November — ETH dropped nearly 22% within a week.

Bearish Crossovers Loom: TradingView

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Now, another warning is emerging, as the 20-day EMA inches toward the 200-day EMA. If selling grows after the first crossover, the second could quickly follow, possibly accelerating downside pressure.

Despite this setup, whales remain unmoved. On-chain data from Santiment shows large wallets have increased their holdings from 101.44 million ETH on November 10 to 101.70 million ETH on November 12 — a gain of about 260,000 ETH, worth around $900 million at the current price.

Ethereum Whales Buying: Santiment

This suggests whales see these dips not as danger, but as opportunity — likely expecting a rebound once the short-term selling fades.

Hidden Bullish Divergence Explains Whale Confidence

That optimism might stem from what’s unfolding on the momentum side. Between June 22 and November 4, ETH’s price formed higher lows, while the Relative Strength Index (RSI), which measures buying and selling strength, made lower lows.

Hidden Bullish Divergence Appears: TradingView

This is known as a hidden bullish divergence, which usually hints that an uptrend (between June and now) is quietly holding even when charts look weak.

If the price stays over $3,333, the key support, ETH could aim for $3,650, then $3,994. A close above $3,994 would break the short-term bearish setup and open targets at $4,251 and even $4,762.

Ethereum Price Analysis: TradingView

However, a drop below $3,050 would confirm the downside impact of the EMA crossovers and test whale confidence. However, for that to happen, the Ethereum price would need a daily close below $3,333.

For now, Ethereum’s chart shows a rare clash — bearish signals forming, but whales are clearly eyeing the next big move.