PANews reported on November 10th that, according to CryptoQuant analyst Shayan Markets, Ethereum spot average order size metrics show a brief surge in whale activity (green clusters) when the market recently fell to $3200. This pattern historically often appears at local bottoms and early accumulation phases. The analysis suggests that large market participants may be re-establishing positions in the discount range, while retail traders remain cautious.

Historical cycles show that the shift from whale accumulation to retail selling typically marks a consolidation phase before a trend reversal or a major surge. If this behavior continues, and the $3,000 to $3,400 area provides structural support, Ethereum may enter a low-volatility accumulation phase, building momentum for a potential bull run to the $4,500 to $4,800 level.