The price of Ethereum corrected sharply, and spot ETF flows saw another day of outflows.
In recent sessions, ETH-listed products recorded cumulative redemptions of more than $300 million, cooling institutional demand just as the price of Ethereum threatens the $3,000 mark.
Ethereum Price: What’s Behind the Sales?
The deterioration of ETF flows is the main catalyst for the decline in Ethereum’s price. Sustained outflows are eroding the buying “cushion” that had supported ETH during the third quarter. With that mechanical support gone, the price became more exposed to profit-taking and derivatives liquidations.
Data from SoSoValue cited by various aggregators shows a clear pattern: on November 3, Ethereum ETFs recorded a net outflow of $136 million. This marked the fourth consecutive session of redemptions.
The takeaway for traders of the best cryptocurrencies to invest in is simple: institutional demand is on hold and marginal flow is pushing prices down.
On a technical level, several analysts point out that the daily structure points to testing the $3,000 zone if no fresh inflows appear. The risk narrative following the latest market shakeout also weighs heavily, with investors reducing exposure to large-cap altcoins.
What should be done in the short term?
The $3,050–$3,100 range is the first intraday resistance level to consider for the price of Ethereum: recovering it would allow for a technical rebound.
The psychological zone of $3,000 is the key support level for the day. Losing it with volume would open the door to liquidity being swept toward $2,870–$2,900, levels marked by analysts as immediate targets if redemptions persist, pushing investors toward other more profitable cryptocurrencies.
For broader frameworks, $3,250–$3,300 is once again a battleground for changing the weekly tone. Closings above this level would reduce the risk of a deeper correction and restore momentum to the DeFi/L2 ecosystem.
What could change the trend in 24 to 72 hours
- Turnaround in flows: a day of net inflows into spot ETFs would be the clearest sign of stabilization. This is the data to watch at the US opening.
- Derivatives: a decline in open interest with stable financing would suggest healthy deleveraging, limiting further forced selling.
- Macro and dollar: a session of “risk on” in the stock markets would ease selling pressure on crypto.
- On-chain and L2: a rebound in activity and contained fees usually accompany phases of recovery in ETH.
Source: Yahoo!finanzas
