Ethereum is facing selling pressure on Tuesday, trading at $3,629.60 after declining 4.53% in the past 24 hours as the broader cryptocurrency market experiences a pullback following months of strong gains.
The second-largest cryptocurrency by market capitalization has underperformed the overall crypto market, with technical indicators pointing to continued near-term weakness as traders assess whether the recent rally has overheated.
Market Fear Grips Crypto Investors
Market sentiment has deteriorated significantly, with the Crypto Fear and Greed Index plunging to 27, signaling “Fear” among investors.
This represents a sharp decline from readings of 36 yesterday, 42 last week, and 59 one month ago, reflecting growing caution as prices continue to fall.
Ethereum has lost approximately 8.92% over the past month, though the token remains up 39.06% compared to one year ago, demonstrating the volatility that has characterized 2025’s crypto markets.
Technical Analysis: Key Levels to Watch
Ethereum currently faces critical resistance around $4,070 and $4,240, with analysts suggesting that a break above $4,200 could open the path toward $4,500-$4,700. However, failure to reclaim these levels may prolong consolidation between $3,750 and $4,100.
On the downside, key support levels sit at $3,790 and $3,510. A drop below $3,450 could trigger a sharper correction toward $3,300-$3,250, where stronger buying support previously emerged during October’s volatility.
Technical indicators paint a mixed picture. The Relative Strength Index (RSI) hovers near 44, showing weak momentum but leaving room for potential upside if buying pressure strengthens.
Meanwhile, the MACD remains negative but hints at a possible bullish crossover, suggesting that selling fatigue may be easing.
Whales Accumulate Despite Price Weakness
Despite the bearish price action, on-chain data reveals that major investors continue to accumulate Ethereum. According to blockchain analytics firm Santiment, whale wallets holding between 1,000 and 100,000 ETH added 1.64 million ETH worth roughly $6.4 billion during October alone.
This steady whale accumulation occurred even as ETH declined 7% during the month, suggesting institutional investors view current prices as attractive entry points for long-term positions.
Adding to the bullish case, a legendary crypto trader recently opened $55 million in ETH long positions during the recent 7% drop to $3,627, targeting a rebound to $4,800.
Ethereum’s open interest has climbed to $19.9 billion, with neutral funding rates indicating disciplined accumulation rather than excessive leverage.
However, the Holder Accumulation Ratio from Glassnode shows that long-term retail holders have slowed accumulation, with the metric dropping from 31.27% to 30.45% since late October.
This divergence between whale buying and retail caution highlights the market’s current uncertainty.
ETF Outflows Signal Institutional Caution
U.S. spot Ethereum exchange-traded funds experienced $135.76 million in outflows on November 3, adding to selling pressure.
BlackRock’s ETHA recorded the largest outflow of $81.7 million, followed by Fidelity’s FETH with $25.1 million and Grayscale’s ETHE with $15 million.
The ETF outflows mirror broader weakness in crypto investment products, with Bitcoin ETFs also seeing $186.5 million exit on the same day as institutional investors reduce exposure amid heightened volatility.
November Historically Bullish for Ethereum
Despite current weakness, historical data suggests November could mark a turning point. Ethereum has posted average gains above 6.9% during November over the past eight years, with 2024’s remarkable 47.4% rally marking one of its best monthly performances on record.
Additionally, Ethereum’s Net Unrealized Profit/Loss (NUPL) metric has dipped from 0.43 to 0.39 since October 26, approaching the monthly low of 0.38 that previously triggered a 13% price jump from $3,750 to $4,240.
This declining metric suggests investors’ incentive to sell is fading, a common precursor to price stabilization.
Fusaka Upgrade Could Boost Sentiment
Looking ahead, Ethereum developers have confirmed the Fusaka hard fork upgrade for December 3, 2025, which will introduce PeerDAS (Peer Data Availability Sampling) technology.
This enhancement aims to increase blob capacity from 6 to 48 per block, potentially reducing Layer 2 transaction fees by up to 95%.
The upgrade represents a significant scalability improvement that could boost ETH’s long-term value proposition, particularly as decentralized finance (DeFi) and Layer 2 ecosystems continue expanding on the Ethereum network.
Market strategists at Chainlink recently integrated Chainalysis compliance data into their oracle network, enabling automated onchain compliance across Ethereum and other chains by Q2 2026, potentially enhancing institutional appeal.
Analyst Price Predictions for Late 2025
Despite near-term headwinds, many analysts maintain bullish outlooks for Ethereum heading into year-end. Short-term models indicate a potential move toward $4,450-$4,600 by early November if ETH can sustain above the $3,950-$4,000 support band.
Broader Ethereum price predictions for 2025 point to potential strength into the $5,500-$6,200 range, driven by macroeconomic easing, staking expansion that tightens circulating supply, and continued ecosystem growth.
However, analysts caution that the path higher depends on broader market conditions stabilizing, particularly Federal Reserve policy clarity and sustained institutional demand returning to crypto markets.
Market Context: Broader Crypto Weakness
Ethereum’s decline mirrors weakness across the cryptocurrency sector. Bitcoin fell 2.8% to $104,577, while other major altcoins posted similar losses: Solana dropped 11%, BNB declined 8.3%, XRP fell 6.7%, and Cardano lost 7.4% over the past 24 hours.
The broad-based selloff reflects profit-taking after an extraordinary rally, compounded by Federal Reserve uncertainty about future rate cuts and a strengthening U.S. dollar that typically drains liquidity from risk assets.
What’s Next for Ethereum?
Market participants are closely watching whether Ethereum can hold support near $3,700 or if further weakness will test lower levels.
With the Fear and Greed Index at deeply fearful levels, contrarian investors may view current prices as an opportunity, while momentum traders await clearer directional signals.
The coming weeks will be critical as traders digest ETF flows, monitor whale accumulation patterns, and assess whether technical indicators confirm a bottoming process or signal additional downside ahead.
For now, Ethereum remains in a consolidation phase, with bulls hoping November’s historically positive seasonal pattern and the upcoming Fusaka upgrade can reignite momentum toward year-end price targets above $5,000.
Current ETH Price: $3,629.60 (-4.53%)
24-Hour Range: $3,477 – $3,860
Market Cap: Approximately $437 billion
Trading Volume: Elevated amid volatility
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